It’s hard to believe we are moving into the 4th quarter of 2021. Even though many of us are, once again, happy to see the year leave, it’s still important that we don’t wish time away. It moves too fast the way it is. And speaking of too fast, we have now been part of the RT family for nearly 4 years. It’s hard for me to believe it. From our start as a 3-person specialty intermediary to a specialty practice for the second largest property and casualty insurance wholesaler in the country. Who could have pictured that?! And we thank all our clients, carriers, and vendors for working with us to make it happen. Hopefully you have seen the many benefits of working with us in the past and the benefits moving into the future! Thank you!
In this issue of the Standard, we highlight our team that will attend the IRMI Construction Risk Conference in November. We are excited to once again sponsor this conference and look forward to seeing everyone in person in San Diego.
Also in this issue, we highlight Mitch Cohen’s article, “Document Everything,” which was recently published in Construction Executive as well as a Risk Tip by Joe Reynolds that discusses claims reporting and the risk of delaying reporting. Both are good reads!
I hope you enjoy this quarter’s Standard. Please contact any of our team members for more information or with any questions you may have.
We look forward to seeing you soon.
Jeff
RT ECP to Attend IRMI and WSIA
RT Specialty is once again a proud sponsor of the IRMI Construction Risk Conference to be held in person and virtually November 7th to 10th in San Diego. Our ECP in person team includes the following individuals. Please contact them to schedule a time to meet during the conference.
In addition, RT ECP will attend the 2021 WSIA Annual Marketplace to be held in person November 16th to 19th. Jeff Lejfer and Maydelis Torres will be in attendance. Contact them at jeff.lejfer@rtspecialty.com or maydelis.torres@rtspecialty.com, respectively, to schedule a time to meet.
Document Everything
How important is it to keep a paper trail in your everyday work? The short answer is very! In his article titled "Document Everything," and recently published in Construction Executive, Mitch Cohen discusses how important it is to keep a paper trail and why doing so may be the difference between ensuring proper Contractor's Professional Liability coverage and denial of potentially crippling financial claims. Read the complete article by clicking below.
Please join us in welcoming Jenna Koch as an Account Administrator to the RT ECP team. A graduate of Rider University with a degree in Marketing, Jenna supports the account management and policy servicing activities provided to our retail agents and brokers. Contact Jenna 609-469-2655 or jenna.koch@rtspecialty.com.
Rachael Neary
Rachael Neary also joins the RT ECP team as an Account Administrator. After graduating from Stockton University with a degree in Economics, Rachael spent several years as an Underwriter's Assistant with another insurance wholesaler. Supporting the account management and policy servicing activities provided to our retail agents and brokers, Rachael can be reached at 609-469-2654 or rachael.neary@rtspecialty.com.
Risk Tip - Notice of Claims - Don't Delay Reporting
By: Joseph Reynolds, JD, CRIS
One of the biggest mistakes a construction company can make is to put off reporting problems on the job to their insurance carrier that may lead to professional liability claims. Fearing that they will face an increase in premium at their renewal, contractors often try to handle the problem “in-house” and resolve design, engineering and construction management issues without the partnership of their insurer. As a result, problems can fester or spiral out of control and potentially lead to much larger and more expensive claims later on.
Many policies have specific reporting provisions for circumstances and claims that require notice within a specific time period or pre-approval from the carrier to incur mitigation expenses for which reimbursement is subsequently sought. If an insured doesn't report in the timeframe specified, they may have otherwise covered claims for rectification or professional liability denied due to untimely reporting. As a best practice, report issues that arise especially when they involve design errors or project delays arising out of construction management services. The savvy construction professional liability carrier is motivated to help insureds address these issues quickly and efficiently and assist in avoiding larger claims that could arise if problems are put off. It could make the difference between a low cost fix and a million dollar claim.
