We are off to a fantastic start to 2022 – our team is experiencing considerable growth as we welcome 5 new people to the team. The construction industry presents favorable indicators, from construction backlog to a static Architectural Billings Index (ABI), so we will be fairly busy for the next three quarters – and we wouldn’t have it any other way! Couple that with some new capacity and players entering the construction related professional liability lines and it makes for an exciting year ahead.
In addition, we continue to expand our capabilities and tools for our clients through our quoting/panel programs and educational webinars. If you are not familiar, check them out. If there is something you need that isn’t there, feel free to send me a note and we’d be happy to see what we can do about creating it.
As for this issue of The Standard, we again highlight our exclusive Infrastructure Pollution Policy developed with an A XV rated carrier. This form, created in response to the $1T Infrastructure Investment and Jobs Act passed last fall, is designed to help protect all stakeholders from the catastrophic environmental risks related to large infrastructure projects. We share with you various marketing tools related to this product and I invite you use them in your marketing process and to learn more about how this new product can address potential environmental exposures as your insureds begin to take on these infrastructure projects.
Also, in this issue, please join me in congratulating John Heft as he was recently named a Top Specialist Broker by Insurance Business America. John has been an integral part of our team since 2006 and we couldn’t be more excited for him on this great achievement.
I hope you enjoy this issue of The Standard and as always, thanks to our clients, carriers and vendors for it’s with your support that we achieve what we do.
Jeff
RT ECP's Exclusive Infrastructure Pollution Program Underway
RT ECP recently launched its Infrastructure Pollution Program (IPP), an exclusive and competitive solution designed to help protect all stakeholders from the catastrophic environmental risks related to hard infrastructure projects (roads / bridges / airports / rail / ports). Provided by an AM Best A XV rated carrier, the IPP is offered to contractors, developers and owners in anticipation of the robust environmental insurance requirements typically required for large, hard
infrastructure projects and those that will be funded in part by the Infrastructure Investment and Jobs Act passed by Congress last fall. Coverage is provided with limits up to $25M each incident / $25M aggregate (higher limits available where required by contract) and policy terms up to 13 years including completed operations. Key coverages include full sudden and gradual pollution coverage, third party bodily injury, property damage (including natural resource damages), emergency response costs and defense expense.
Learn more about this exclusive and important coverage by clicking the links below and contact your RT ECP consultant for a quote.
Protecting Against Environmental Risk in Changing Climates
Already expecting a downturn, the commercial construction industry was further impacted when COVID-19 either delayed or shuttered projects nationwide. This, along with the growth of the various emerging contaminants that often affect jobsites, has greatly affected the environmental casualty sector. In her article recently published in Construction Business Owner and titled "Protecting Against Environmental Risk in Changing Climates," Maydelis Torres discusses Pollution Legal Liability and how it can affect profitability. Read the complete article by clicking below.
Congratulations John Heft - IBA Top Specialist Broker
Please join us in congratulating John Heft, M.S., CRIS, Senior Vice President at RT ECP, for being named to Insurance Business America's 2022 list of Top Specialist Brokers. John joined the RT ECP team in 2006 and, as a specialist in environmental risks and exposures, he has been instrumental in growing the practice and building the real estate book of business. Most recently, John worked tirelessly to bring our exclusive Infrastructure Pollution Program (IPP) to fruition. The IPP was designed to provide coverage solutions to the construction / developer industries in anticipation of the expected environmental risks on hard infrastructure projects as a result of the recent passage of the $1 trillion Investment and Jobs Act.
Welcome to the Team
Jayden Johnson
Kelly Jackson
Please join us in welcoming Jayden Johnson, Consultant, to the RT ECP team. Jayden joins us with seven years of experience in brokering environmental insurance placements across various industries for an environmental wholesaler. Contact Jayden at 608-669-7592 or email.
Please join us in welcoming Kelly Jackson to the RT ECP Team. An Account Manager working with Joey Nawa, Kelly has a degree from Savannah College of Art and Design and brings several years of property & casualty insurance experience to our team. Contact Kelly at 609-469-2214 or email.
Aaron Roland
Maddie Goodwin
Please join us in welcoming Aaron Roland to the RT ECP Team. Aaron joins us as an Account Manager working with Mae Torres. With a B.S. in Business from University of Wisconsin - La Crosse and the Associate in Insurance (AINS) designation, Aaron brings 3 years of environmental account management experience to our team. Contact Aaron at 609-469-2235 or email.
Please join us in welcoming Maddie Goodwin as an Account Administrator to the RT ECP team. As a recent graduate of Texas A&M University with a B.S. in Environmental Studies, Maddie supports the account management and policy servicing activities provided to our retail agents and brokers. Contact Maddie at 609-469-2271 or email.
Recent Promotions
Please join us in congratulating the following RT ECP team members on their recent, well-deserved promotions.
Annise Taylor, Senior Account Manager
Lexie Jackson, Senior Account Manager
Amy Coddington, Account Executive
Insurance Designation Recipients
Please join us in congratulating the following RT ECP team members on obtaining their respective insurance designations.
Joe Fagan - Construction Risk and Insurance Specialist (CRIS)
Daniela Compton - Associate in Risk Management (ARM)
RT ECP Joins AGC of California
RT ECP's Hilton Jones has joined the Associated General Contractors (AGC) of CA. With over 900 members and associate members, the AGC of CA is the largest AGC chapter in the country. This chapter advocates for members in the California construction industry on multiple fronts including public policy, member training and engagement, and relationship building. Hilton looks forward to this membership helping to expand RT ECP's mission of adding value to our clients. Through collaboration with the AGC of CA training and education team, Hilton will provide speaking engagements and webinars on poignant issues affecting many contractors today such as Contractors Professional Liability, Pollution Liability and emerging faulty workmanship issues. If you are in the northern California area, please look for Hilton as he builds his presence and activity with this great organization.
Risk Tip - Importance of an Accurately Completed Application
By: Drew Rothman
A fully and accurately completed application can make the difference between having a strong policy in place as opposed to a weak one. While it may seem tedious, completing an application serves as a critical piece of the puzzle in identifying coverage options. Yes - the signing of the application is a representation of accuracy to the carrier - but without a fully accurate depiction of the insured’s services, project delivery method, project types and more, it may be difficult to assess potential areas of concern presented by certain carrier forms.
As to coverage, the viability of proper policy definitions can only be assessed if the application is accurate. An example - a construction manager should not ordinarily be placed on a form that does not include construction management within the definition of professional services. If the application does not indicate such services are part of the insured’s service profile, the insured may have an otherwise avoidable problem. Additionally, the information on an application influences the way a carrier rates the account. Certain project types may increase or decrease premium. Further, if the insured does most of their work on condominiums but identified as a 100% commercial contractor, they could have an issue in a claim scenario. In the end, assess the risk and assist your client with a recommended placement, as an accurately completed application can only benefit your valued client.
Did You Know?
With the advancement of ESG (Environmental, Social and Governance) the number of insurance carriers willing to provide insurance protection and investment for coal-fired power plants, coal mines, oil sands or any fossil fuel related organizations continues to dwindle. This oftentimes leaves such organizations minimal alternatives when it comes to securing Pollution Legal Liability (PLL) insurance for their environmental liabilities. However, there are still several viable markets offering PLL coverage (pre-existing conditions and new conditions) for these risks with substantial capacity available. So, if your insureds are in need of this coverage please feel reach out to your RT ECP broker for additional information.
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.
