Jingle Bells, Jingle Bells, am I right?! We are jingling our way into 2025 – can you believe it! Happy Holidays to everyone! Sad news however, if you aren’t finished your 1/1 renewals by now you are super SOL (look up the acronym if you don’t know it!)
Seriously though, it’s hard to believe it’s that time of year again. But it’s a wonderful time of year to stop, sit back and reflect on your accomplishments of the past year – whether they be business related, family related, some other personal accomplishments or all of the above! Focus on those and, as you are, hopefully you can sprinkle in a little relaxation and weight gain over the holidays.
The RT ECP team has had a busy fourth quarter highlighted by our annual attendance and sponsorship at the IRMI Construction Risk Conference and at WSIA. Between both conferences, I think I’ve seen enough of San Diego for a while. Joking aside, these conferences are a great time to see our carriers and retail broker trading partners all in one place. It keeps ourselves us educatedand up to date on all that’s going on in the marketplace. Joe Reynolds and I presented on Trends in Contractors Professional Liability Insurance and Owners Professional Protective Indemnity Insurance, respectively. Reach out to either of us to discuss these topics (or others) in more detail or to schedule an agency specific session!
This issue of the Standard presents our recently updated benchmarking data where RT ECP’s book of business was reviewed to determine average and highest limits purchased for various construction and environmental products. We also highlight a podcast hosted by Proactive, a specialty provider of claims services for rectification claims, where our Joey Nawa and Dave Slaugenhoup discussed Pain Points andBest Practices in Navigating Rectification Claims. It’s “must see” TV so don’t miss out.
Our entire team wishes all our trading partners celebrating all sorts of holidays during this season to enjoy and have a wonderful new year. We look forward to continued success with all of you in 2025!
Happy Holidays from RT ECP
RT ECP Presents Benchmarking for Highest/Average Limits Purchased Across Product Lines
RT ECP studied its book of business for the 2023 calendar year for various construction and environmental products to determine the average and highest limits of liability purchased. Each product is highlighted below with a link to the results of our research.
Contractor's Professional Liability (CPrL) - displays the average and highest limits purchased by specialty trades to general contractors by contractor size according to annual revenues.
Contractor's Pollution Liability (CPL) - displays the average and highest limits purchased by specialty to trade contractors by contractor size according to annual revenues.
Pollution Legal Liability (PLL) - for the time period 2021 - 2023, displays the average and highest limits by industry type as well as by industry type and number of locations, by square footage for commercial real estate, and by number of locations.
Pain Points and Best Practices: How to Navigate Rectification Claims
Please join us in welcoming Steve Mack who recently joined RT ECP as a Consultant working out of the San Francisco area. Steve can be reached at stephen.mack@rtspecialty.com.
Risk Tip - Automatic Acquisition Language on a Pollution Legal Liability
By: Joe Buono
When placing a Pollution Legal Liability (PLL) insurance policy, especially on active portfolios, the challenge of keeping up with scheduling properties can be daunting. Generally, these schedules are maintained over a number of policies, such as Property and General Liability. This can lead to an increased likelihood of omission of a property to a specific line of business. To minimize or eliminate this issue, an Acquired Properties endorsement can be included in your PLL program. These endorsements provide varying levels of automatic coverage, which can include pre-existing and new conditions coverage for sites acquired during the policy period that meet certain criteria. These criteria can differ from carrier
to carrier and can generally be tailored to each insured’s needs. For policies where pre-existing conditions coverage is granted, one of the most common requirements is that a Phase I Environmental Site Assessment has been conducted at the site. This provision ensures that the site has been reviewed with regard to it’s current environmental state. The endorsement sets guidelines regarding timing of reporting, which can vary anywhere from 30 days to annual. Finally, the insured can have a set rate for each of their property types, which can be extremely beneficial to insureds when budgeting for insurance costs associated with property additions.
This material is provided for educational and informational purposes only. It is not intended to be relied upon as legal or professional advice. Every insured’s circumstances will differ, and all coverages are dependent on each individual insured’s unique circumstances as well as applicable policy language. Whether an accident or other loss is covered by insurance is determined by the specific facts of the loss and the terms and conditions of the actual insurance policy or policies involved in the claim. References to typical terms or provisions of coverage are illustrative and may not apply to a specific situation. Please consult a legal or insurance advisor regarding specific insurance needs.
RT Environmental and Construction Professional, 2465 Kuser Road, Suite 202, Hamilton, NJ 08690, USA
