Who would have thought at the start of 2020 that businesses across the globe would be working remotely for more than a quarter of the year (and more to come) due to a global pandemic? Couple that with the social unrest across the entire country and we have a year unlike many others, if ever. Oh, and you can’t forget the record high unemployment rates.
It’s certainly been a bizarre first half to the year and I truly hope all of our clients, carrier partners, vendors and friends are safe, healthy and out of harm’s way.
I have to say, I’m proud of our entire team and the way in which they have acclimated to these new circumstances and work environments. We truly miss visiting with all our clients in person and hope that we can resume our visits soon. In the meantime, please know that our entire RT ECP team is working, available and ready to meet all of your environmental and construction professional needs. Videoconferencing has proven a terrific way to meet with and see our clients, albeit from a distance.
In this issue of the Standard, we introduce our newly launched product page on the RT Specialty website. Our page contains all of the same great sales tools from the previous website but in a much more concise and user friendly design. I hope you will check it out.
In addition, we want to be sure we keep our clients informed of the changes in the marketplace that COVID-19 is forcing upon us. Please make sure you check out the Risk Tip on what to expect for renewals.
Another hot topic is per- and polyfluroalkyl substances (PFAS). We highlight an article written by RT ECP’s John Heft and Brittany Negron that discusses PFAS and their impact on the environmental and PLL insurance products. The article titled “PFAS ‘forever chemicals’: The next asbestos for insurers?” was recently published in Property Casualty 360. Read on in this issue to learn more about this hot topic.
I hope you enjoy this issue of the Standard.
Lastly, we want to wish all of you continued success and a healthy, happy second half of the year in this new environment in which we live.
RT ECP Launches Newly Designed Web Page
RT ECP introduces its newly launched product page on the RT Specialty website. This page is easy to navigate and contains all of the same great tools that assist you in providing risk management and insurance solutions to your clients. The tools include product profiles, risk profiles, quarterly newsletters, published articles and access to our Premium Estimator. In addition, the RT ECP News Center, formerly known as our Blog, is easily accessible for relevant industry news, claims examples, carrier news and more.
We invite you to explore our new page and take a moment to subscribe to our newsletters and to the News Center so that you can receive regular updates.
Using these tools, and with the assistance of our team of consultants, we can provide support in the sales process of these products to your clients. We hope you'll check it out.
John Heft
Brittany Negron
PFAS 'forever chemicals': The next asbestos for insurers?
Per- and polyfluoroalkyl substances (PFAS), a group of about 4,000 chemicals found in many everyday products, have taken the insurance industry by storm over the past several years due to the health risks and liabilities surrounding them. Various industries including water treatment plants, refineries, airports, military bases and manufacturing operations, may have concerns arising from PFAS exposures. In their article recently published in Property Casualty 360, RT ECP's John Heft and Brittany Negron discuss these so-called "forever chemicals," the surrounding regulatory and insurance concerns, potential coverage options, and more. Read the complete article by clicking the button below.
Environmental and construction professional liability claims are on the rise, and when your insured faces a claim, our experienced team can assist you through the complexities of these situations. B.J. Leonard, Assistant Vice President, Claims, is RT ECP's dedicated claims advocate. B.J. has the experience, background and capability to support your claims staff in the areas of environmental and construction-related professional liability claims.
Services include, but are not limited to the following:
Technical guidance experience
Coverage analysis / assessment
Claims advocacy
Claims analysis
Assistance with dispute resolution
Claims reporting policies, structures and procedures
To learn more about B.J. Leonard and RT ECP's claims management services, click here.
Risk Tip - CPrL Insurance: Renewal Expectations Amid COVID-19
As construction projects restart, what could brokers and insureds encounter during the renewal process for their contractors professional and/or pollution liability (CPrL) programs? In our experience, few, if any, coverage changes have been made to date; however, some carriers may apply a communicable disease or COVID-19 related exclusion to their programs. In addition, many carriers are asking additional underwriting questions to better assess both their risk and their insured’s risk as they relate to COVID-19. Most questions center on project shutdown and start up; however, some carriers not only want to assess the risk associated with viral matter but also with other microbial matter like mold, mildew and bacteria. Simply put, an improper shutdown of a project coupled with springtime weather events may result in unwanted growth of microbial matter. Still, other carriers want to understand the financial impact, if any, COVID-19 has had on the organization and may be more focused on assessing the financial condition of their insureds rather than the risk of microbial growth.
Our RT ECP team has assembled the following sample list of questions that we have encountered from various carriers. Questions will vary depending on the carrier accessed but be aware and prepare your insureds for their upcoming renewal by having these discussions up front.
RT ECP Team Works Remote
Just a few shots of a few of our team members working from their homes.
