Hello Fall! Hope you are enjoying the back to school routine and cooler weather. In this edition, I want to take a minute to recognize the entire RT ECP team (I hope they read this!). Sometimes it’s hard to pat yourself on the back for fear of breaking your arm, but everyone on this team needs recognition for what we’ve been through and are going through. I know this happens in other companies and on other teams but the past few months have been a challenge – to say the least. We lost a person or two (nothing to be ashamed of), we’ve had people on maternity and paternity leave (which is awesome!), dealt with unexpected personal stuff, navigated travel, office-related challenges, among other things. Despite it all, this remarkable team still found ways to ensure our clients continue to receive the exceptional service they rely on. This team finds a way to get it done! I always say I am so proud of the way this team “races towards the fire rather than running away” - always ready to lend a helping hand in any situation to anyone. It’s incredible to experience and I am so very fortunate to be a part of this team and company. I also have to say to our clients – thank you for your patience if you ran into any issues. It is greatly appreciated. Thank you RT ECP for all you do!!!
RT ECP Team to Attend IRMI CRC
RT Specialty is once again a proud sponsor of the IRMI Construction Risk Conference to be held November 12th to 15th in Orlando, Florida. This year four of our ECP colleagues are speaking during the event.
Jeff Slivka will discuss "Professional Liability Insurance Options for Construction Project Participants" at his session on November 13th at 10:15 AM.
Joey Nawa and Joe Reynolds will explore the "Trends & Developments in Project Specific Professional Liability" on November 14th at 8:30 AM.
Drew Rothman will participate in a panel discussion titled "Claim or No Claim: A Professional Liability Showdown" on November 15th at 10:00 AM.
We hope you'll join Jeff, Joey, Joe and Drew during these sessions.
Finally, listed below is contact information for each of our ECP team members attending IRMI. Please reach out to schedule a time to meet during the conference.
Jeff Slivka and John Heft attended the WSIA Marketplace in San Diego. Slivka says "It was great to see so many carriers and underwriters and super cool to see some old friends, meet new ones and hear what is going on in the E&S marketplace. It was also nice to see all the RT people that make this such a terrific event. It is both productive and, not going to lie, exhausting!"
Wood Frame Construction: Risks and Liabilities
Wood frame construction is a thriving industry worth billions of dollars, responsible for constructing over 90% of American homes. In an informative article titled "Wood-Frame Construction: Risks and Liabilities," RT ECP's Drew Rothman and Mitch Cohen delve into the potential challenges and insurance considerations associated with this construction method.
Read the full article here and contact your RT ECP consultant for more information.
Manufacturers Professional Liability for Contractors
A Contractor's Professional Liability insurance policy can help to address professional liability exposures that construction firms may face during fabrication or manufacturing. This Product Profile details the coverage application for manufacturers professional liability and delves into the specifics of the policy form including a program overview, policy term, limits, retentions and premiums. Check out this Product Profile here and reach out to your RT ECP consultant for more information.
Risk Tip - My Contractor's Professional Liability (CPrL) is Covered Under my Commercial General Liability (CGL) Policy...Right??
By: Hannah Altomare
While there are limitations in covering professional services under the CGL, there are some benefits to including the CG 22 79 and/or CG 22 80 in the CGL policy. There are four key advantages to having these endorsements included in your CGL coverage:
The CGL is usually an occurrence-based policy, while the CPrL is typically a claims made policy.
The CGL typically provides unlimited supplemental defense costs that do not erode the Limits of Liability, while the CPrL generally does not include supplemental defense or specifies a limit amount for defense costs (~ $1,000,000).
Via umbrella or excess, CGL programs usually carry higher limits than the CPrL limits purchased.
The CGL generally provides a lower or no retention/deductible than a typical CPrL policy
However, while the above are all benefits, remember that the CGL typically only provides coverage for BI/PD – not economic damage. To obtain coverage for economic damage or pure financial loss, a CPrL policy should be considered. In addition, the above endorsements offer coverage for professional services specifically defined under each, which tend to be more restrictive than the definitions under a specific CPrL policy.
For more information on this topic, reach out to your RT ECP consultant.
Did You Know?
RT ECP News Center
Are you tired of searching for claims examples and articles related to the insurance industry? Well, look no further! RT ECP's News Center has exactly what you need. In the specialized world of environmental and construction related professional
liability insurance, we have done the hard work for you. Our collection of articles and claims examples is right at your fingertips. Easily use the keyword search or browse by category to find what you need. Don't miss out on the latest updates - subscribe and receive regular content updates. And, as always, reach out to any of our team members for more information.
