It’s hard to believe that the third quarter of 2020 is coming to a close and our team has now worked remotely for half of the year. Although in many states, some semblance of “normal” is beginning to return with regards to restaurants and businesses reopening, we still have a long way to go. At least where I live, most schools have begun the year in a virtual or hybrid format, and businesses are still open only at limited capacity. Even though I know everyone is dealing with the drawbacks of working remotely, I’m reminded of how fortunate we are to be working in an industry that provides us the opportunity to work remotely with little disruption. Many are not as fortunate.
One thing that you can be assured has not changed – the service level and dedication that our team provides to you, our clients. We truly miss visiting you in person and hope to return to traveling in 2021. But, in the meantime, we are committed to continuing to provide the level of service to which you are accustomed, whether that be via phone call, Zoom or email.
The fall conference season, in most cases, has moved to a virtual format. This includes the WSIA Annual Marketplace and IRMI Construction Risk Conference. We will be attending both. This year at the IRMI CRC, our Joe Reynolds will present a session on October 19th to discuss insurance for faulty workmanship. Read on in this issue for more details. Joe is extremely knowledgeable on this topic so I hope you will join him to learn more. You can also contact him directly for additional information.
Also in this issue of the Standard, we highlight two articles. The first is my latest IRMI Expert Commentary, titled “Contractors Professional Liability in a COVID-19 Era” and the second, by John Heft, is titled “Navigating Pollution Issues in a COVID-19 Environment.” Both of these articles are obvious hot topics given the current situation.
These are just a few highlights of the articles to follow. I hope you enjoy this entire issue.
Finally, as we enter this last quarter of a very interesting 2020, please continue to stay safe and healthy.
IRMI's 2020 CRC Goes Virtual
Along with most other 2020 conferences, IRMI's 2020 Construction Risk Conference (CRC) has been moved to a virtual format due to the coronovirus pandemic. Scheduled for October 19th and 20th, the conference agenda is packed with some terrific sessions. Our own Joe Reynolds will be presenting "Insurance for Faulty Workmanship: The Next Great Innovation for Contractors?" on October 19th at 2:05 PM EST. In this session, Joe will discuss the faulty work insurance forms that are emerging in the Contractor's Professional Liability marketplace as well as the scope and drivers behind this coverage. In addition, real-world case studies will be demonstrated. Mark your calendar! We hope you can join Joe for this informative discussion.
Contractors Professional Liability in a COVID-19 Era
COVID-19 has made for an interesting year in the construction industry. As a result of the pandemic, many construction projects were delayed or completely shut down. Now that many of these projects have restarted, it is more important than ever to review insurance needs. In his article titled, "Contractors Professional Liability in a COVID-19 Era," recently published on IRMI.com, Jeff Slivka discusses the Contractor's Professional Liability (CPrL) marketplace, the related CPrL insuring agreements and typical exclusions including communicable disease exclusions relevant to COVID-19. Click below to read the complete article. Contact your RT ECP consultant for more information and to discuss your insured's specific needs .
AIG Environmental offers a new Contractors Pollution Liability (CPL) / Professional Liability (PL) form titled "Trade Contractors Pollution and Professional Liability (TCP2) Insurance." This form is designed to protect against trade contractors' pollution and professional liability risks and addresses exposures not typically covered by a standard general liability policy that contains restrictive pollution and professional services exclusions. To learn more about this coverage click here or contact your RT ECP Consultant.
Navigating Pollution Issues in a COVID-19 Environment
2020 and COVID-19 have unmistakably made their impact on the insurance industry. Carriers have been diligent about reviewing their policy forms and addressing the impacts that the pandemic continues to have on the construction industry. In his article titled "Navigating Pollution Issues in a COVID-19 Environment," John Heft discusses Pollution Legal Liability (PLL) and Contractors Pollution Liability (CPL) policies and how some insurance carriers may respond to each with regards to the virus. John discusses insuring agreements as well as various definitions and exclusions. Click below to read more and stay on top of this ever changing topic.
Great American Environmental Announces New Products Pollution Coverage
Great American Environmental's new Products Pollution coverage is designed specifically for manufacturers and distributors of various products. This coverage, which is often excluded from general liability coverage, provides coverage for loss and clean-up costs as a result of a claim for bodily injury, property damage or environmental damage because of a pollution condition caused by the insured's product. To learn more about this coverage click here or contact your RT ECP Consultant.
Did You Know...RT ECP's In-House Quoting Panel
Did you know that RT ECP provides quick turnaround on small and middle market contractor business via an in-house quoting panel? Our team has a panel of six insurance carriers for whom we are authorized to provide bindable quotes for clients meeting various criteria. For those meeting such criteria, quotes can be provided usually within 24 hours. Currently, the panel is available for Contractor's Professional and/or Contractor's Pollution Liability (CPrL/CPL) for contractors with up to $100 million in annual revenues. Classes of business include general contractors, at-risk and agency construction managers, design/builders and trade/artisan firms. Some additional features of our in-house quoting panel are as follows:
Policy term: One and two year terms available
Limits: Up to $5 million per claim/per occurrence
Minimum Retention: $5,000 self-insured retention for CPrL/CPL; $2,500 for CPL
Minimum Premium: $5,000 for CPrL/CPL; $1,500 for CPL
Project specific policies are available for CPL project periods up to three years with completed operations up to six years
Policy terms and conditions with the quality you have come to expect from RT ECP insurance placements.
Contact your RT ECP Consultant to learn more.
Promotion - Amy Coddington
Please join us in congratulating Amy Coddington on her recent promotion to Senior Account Manager. Amy joined RT ECP in June of 2019 with over 15 years of commercial insurance industry experience. Since joining our team she has successfully assisted senior management with numerous new business opportunities, marketing, sales and coverage activities. In addition, she has earned her Construction Risk and Insurance Specialist (CRIS) designation. Amy is dedicated to perfection and satisfying client needs, earning her the respect and trust of our partners nationwide. Contact Amy at 609-528-3915 or amy.coddington@rtspecialty.com.
Risk Tip - Understanding Communicable Disease Exclusions and COVID-19
By: Bill Webb
In response to COVID-19 multiple insurance markets are adding Communicable Disease exclusions to Contractors Professional Liability (CPrL) policies. But don’t assume coverage existed before the exclusion was applied. Review of common policy language indicates coverage for COVID related damages is difficult to find under a CPrL even without the addition of this exclusion.
A CPrL policy covers pollution and professional liability claims that are the result of covered construction activity or professional services provided by, or on behalf, of the Insured. Connecting COVID related damages to the work of the Insured, as opposed to an uncontrollable, random exposure to the virus may be difficult considering experts do not completely understand the virus and continue to research how it can be transmitted.
The tip: At first glance this exclusion appears to be significant, but the true impact on coverage may be limited.
RT ECP News Center
Have you subscribed the RT ECP News Center, formerly our blog? The News Center contains a wealth of information from industry related articles, claims examples, carrier news and more. A keyword search feature allows you to look for hot topics such as PFAS, construction defects or faulty work. Or, feel free to browse by category such as Pollution Legal Liability or Contractor's Professional Liability claims. If you haven't done so yet, please subscribe by entering your email address and selecting the frequency for which you would like to receive updates.
