Spring is upon us and that means the craziness of the 4/1 insurance business is also upon us. More importantly, how is everyone doing with the NCAA men’s basketball brackets?! Another year down the drain for me. Who would have thought Yale would beat Auburn? C’mon. They are supposed to know molecular biophysics, not basketball!
I hope you can carve a few minutes out to read through this latest issue of the RT ECP Standard as we share a great deal of valuable information. This issue highlights our 2024 Market Update, RT ECP’s annual recap of the environmental and construction-related professional liability marketplace. The Market Update takes you through each of the products offered by RT ECP and discusses the related trends and what you can expect in the coming year. I invite you to review and share this document with your insureds and reach out to any of our RT ECP team members to discuss it in more detail or to request a presentation to your team.
In addition, RT ECP’s Joe Buono provides a valuable Risk Tip on when and whether to delete properties on claims made site pollution policies. Check it out and reach out to Joe with any questions.
I hope you enjoy this issue of our newsletter. As always, we truly appreciate all the support provided by our clients and hope to see you all when we are out there on the road!
RT ECP Releases 2024 Market Update
The specialty lines insurance landscape is a constantly changing environment, and the areas of construction-related professional liability and environmental insurance are no different.
The 2024 Market Update is RT ECP's annual recap of the environmental and construction-related professional liability insurance industry with predicted trends for this specialty niche. It represents the collective knowledge of our RT ECP specialists and includes an annual survey of our staff to define the “state-of the-marketplace.” In addition to uncovering specific market trends, the 2024 Market Update reviews the strategies needed to overcome challenges and protect against the risks that can potentially financially cripple businesses.
RT ECP Presents Market Update to Assurex Global
RT ECP's Jeff Slivka and John Heft, along with RT Specialty's Marya Propis, recently had the pleasure of presenting a "sneak peak" at RT ECP's 2024 Market Update to the the Assurex Global team. RT ECP appreciates the opportunity provided by Assurex Global to reach its construction and environmental partners across the U.S.
"This advance look at environmental and construction-related professional liability insurance trends positioned our Partner Firms to stay ahead of evolving risks and anticipated claims, ensuring their clients can confidently secure their bottom line," said Marshall Wunderlich, EVP Property & Casualty at Assurex Global.
Thank you to Assurex Global!
Welcome to the Team
Please join us in welcoming our newest team members.
Please join us in congratulating the following RT ECP team members on their well-deserved promotions.
Hannah Altomare, Consultant
Gina Bernardo, Senior Account Manager
Joe Buono, Assistant Vice President
Maddie Goodwin, Account Manager
Zach Kalet, Account Manager
Jenna Koch, Account Manager
Tim Prosser, Assistant Vice President
Joe Reynolds, Executive Vice President
Aaron Roland. Senior Account Manager
Drew Rothman, Assistant Vice President
David Slaugenhoup, Senior Vice President
Dan Wilhelm, Account Executive
RT ECP's Baby Boom
It has been a busy few months at RT ECP with several team members welcoming babies.
Account Manager Mayuri Rastogi welcomed Riansh in December
Executive Vice President Joey Nawa welcomed Hayes in January
Consultant Jayden Johnson welcomed Myles in January
Please join us in congratulating Mayuri, Joey, Jayden and their families on their new additions.
Risk Tip - To Delete or Not To Delete – Divesting Properties on Claims Made Site Pollution Policies
By: Joe Buono
When dealing with Site Pollution policies, which are generally written on a Claims-Made or Claims-Made and Reported basis, the question often comes up about the deletion of properties. Many times, these requests are associated with portfolio policies where the insured has sold or given away an asset. When an insured requests such a deletion, it is important for them to understand the implications of doing so on this type of policy. The removal of a property from the policy can generally be handled by either divesting the property or by deleting the property altogether.
RT ECP typically advises divesting the properties, leaving them on the schedule at least until the expiration of the in-force policy term. Divesting the property preserves coverage for the time that the insured occupied the property. It should be noted that divesting the property does not typically generate any Return Premium because the carrier would usually still respond in the event of a claim, provided that the claim would have otherwise been covered per the policy terms and conditions, which commenced during the time that the insured occupied the property. Alternatively, deletion of a covered property would effectively erase all coverage for the property and any associated Named Insureds; this approach typically generates a Return Premium. Due to the claims made and reported nature of these policies, if the property and associated Named Insureds are deleted in their entirety, it would be as though coverage was never in place at all, as the property would need to still be scheduled at the time of a claim. The manner in which carriers approach divested property coverage vary. Some policy forms have language built in that automatically provides coverage up to the date that the property is sold, abandoned or given away, while other carriers require the locations to be specifically added to a Divested Property schedule.
In closing, RT ECP typically recommends divestiture over deletion in order to preserve coverage for the insured in the event a claim is made against them at a covered property. It is still a good idea to review the listing of divested sites on each renewal with the insured. Depending on the circumstances—including provisions that could be built into purchase and sale documents to protect against future liability—the insured may elect to discontinue coverage for the divested sites upon renewal.
Did You Know?
RT ECP's Premium Estimator
Did you know that RT ECP has an online Premium Estimator where you can quickly obtain an indication for your Contractor's Pollution Liability, combined Contractor's Pollution/Contractor's Professional Liability and Pollution Legal Liability accounts? Access the estimator here and request access. Follow the prompts and not only do you get an indication in seconds, but you also get related product and environmental risk profiles to download and links to related articles and claims examples on the RT ECP News Center. Explore this valuable tool today and reach out to any of our team members with questions!
