Summer has begun and boy do we need it! At least, I feel like I need it! The first 6 months of 2022 were sort of hectic with the stop and go ending (hopefully) to the pandemic, economic ups and downs and the pleasurable uptick in business travel, and we keep moving forward! A lot of cool stuff continues to happen with RT Specialty, let alone with RT ECP! We recently held our annual “Hamilton Week” - all team members across the country reunited in Hamilton,
NJ for a week of team activities and social events, culminating in our carrier appreciation night at the Trenton Thunder ballpark, which was the first time we were able to host in 3 years! It was incredible to see how we have grown as individuals and as a team! I am continually impressed with everyone I see – not only the employees who have been here for years but also, the new talent we were fortunate enough to have added. Because of that, our clients will be the beneficiaries of the great things to come in 2022 and 2023.
In this issue of the RT ECP Standard, we highlight some recent senior management changes within RT ECP. I hope you’ll join me in congratulating Joey Nawa, Executive Vice President; John Heft, Executive Vice President; and Joe Reynolds, Senior Vice President as they embark on their new roles.
In addition, we present the results of our claims review of RT ECP’s book of business for 2020 and 2021. The results identify the project types or industries with the most claims, as well as the leading causes of those claims for Contractor’s Professional and Environmental Liability. These documents are great tools to share with your insureds as you present the need for contractor’s professional and environmental liability insurance.
I hope you enjoy these and the other articles in this issue. As always, thank you to our clients, carriers and vendors for your continued support.
Jeff
Senior Management Updates
In an effort to position ourselves for future success, better serve our clients, and create a management structure that allows us to build not only for next year, but well into the future, RT ECP recently announced the following management changes. These changes will better enable Joey, John and Joe to focus on these areas of the practice to continue delivering the high quality products and services our clients have come to appreciate.
Infrastructure Projects and the Need for Environmental Insurance
In the Fall of 2021, Congress passed the $1.2 trillion Infrastructure Investment and Jobs Act to address the much needed improvements to roads, bridges, waterways and other public infrastructure projects. As these projects ramp up across the U.S., we are seeing robust environmental insurance requirements as potentially significant environmental exposures are anticipated. In his recently published article, "Infrastructure Projects and the Need for Environmental Insurance" John Heft spoke with Property Casualty 360, about the anticipated environmental liabilities that lie ahead for these projects and RT ECP's exclusive insurance coverage solution. Our Infrastructure Pollution Policy (IPP), written by an AM Best A rated environmental insurance carrier is discussed. Read the complete article by clicking below.
Leading Causes of Environmental and Contractor's Professional Liability Claims
RT ECP recently reviewed its book of business for the 2020-2021 calendar years to determine the project types or industries with the majority of Contractor's Professional Liability (CPrL) and Environmental Liability claims, as well as their leading causes. The goal was to help identify the latest claims trends to provide retail insurance brokers and their clients with information to assist in developing appropriate risk management strategies. The documents below detail our findings for CPrL, Contractor's Pollution Liability (CPL) and Pollution Legal Liability (PLL).
CPrL
CPL
PLL
RT ECP Takes on New York City
The RT ECP team spent the day in New York City on June 8th. We had a wonderful day including lunch, the new musical MJ on Broadway, and a wonderful dinner at a Brazilian Steakhouse. Everyone had a fantastic time and we send a special thank you to all of our agents, brokers, can carriers for allowing us to enjoy the day.
Welcome to the Team
Please join us in welcoming Zack Kalet and Jack Tulaney to the RT ECP team as Account Administrators. Zack is a recent graduate from the University of Georgia's Insurance and Risk Management program. Jack is a recent graduate from Temple University's Insurance and Risk Management program. Both Zack and Jack support the account management and policy servicing activities provided to our retail agents and brokers.
Contact Zack at 609-528-3894 or email. Contact Jack at 609-528-3918 or email.
Zack Kalet
Jack Tulaney
Risk Tip - BEWARE: Don't Settle for CGL S&A pollution endorsements for your agriculture clients!
By: Jayden Johnson
It is common in the insurance industry to see admitted agriculture Commercial General Liability (CGL) insurance policies endorsed with sudden and accidental (S&A) pollution endorsements. S&A pollution coverage typically only responds to pollution events that begin and end within a certain timeframe, such as a pipe burst releasing anhydrous ammonia or an aboveground storage tank filled with whey or waste oil rupturing. However, certain agriculture related risks can benefit from both S&A AND GRADUAL customized pollution coverage to be adequately insured for their pollution exposures. An example of agricultural-related pollution exposures include gradual pollution events from a manure pit
leaching into the groundwater, storm water runoff from over application of fertilizer, or manure to farm fields. In some instances, there can be contamination of neighboring potable water supply with E. Coli or nitrates from animal wastes. All of these substantial environmental risks would likely not be covered under a typical S&A pollution endorsement.
Settling for a S&A pollution endorsement in a CGL agriculture package may not address the severe pollution losses the agricultural industry faces at claim time. Emerging agricultural pollution exposures leave retail brokers no choice but to re-evaluate current coverage and educate their clients about environmental exposures as soon as possible, including the availability of more robust coverage before it’s too late. The agriculture industry is unique; therefore, it warrants customized Pollution Legal Liability (PLL) policies to address these emerging pollution exposures. Call your RT ECP consultant today to learn more!
Congratulations!
Please join us in congratulating the following RT ECP team members on their recent and well deserved promotions. We are extremely proud of their hard work and dedication to the RT ECP team and its retail brokers.
Did you know that RT ECP offers a Pollution Legal Liability (PLL) Quoting Program to provide fast, effective and efficient quotes for new pollution conditions? Offered by two AM Best A Rated carriers, the program provides limits of liability starting at $250,000 per claim / occurrence, policy terms of one and two years, minimum retention of $5,000 and a minimum premium of $1,700. The program targets the following industries:
Commercial Office / Retail
Education
Golf Courses
Healthcare
Hospitality
Manufacturing
Renewal Energy - Solar and Wind
Warehouses
Although this program is designed for new conditions only, coverage for pre-existing, known and unknown pollution conditions is available outside the program subject to additional underwriting information.
Check out complete specs here and contact your RT ECP Consultant for a quote. Only a Statement of Values is needed to get started and typical turnaround time is 48 hours or less.
The description of any programs described herein is only a summary of available coverages. Actual policy language will dictate the scope of coverage in the event of a claim. Agents should read the full policy form and any applicable endorsements for full terms and conditions and should encourage their policyholders to do the same.
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