I’ve tried avoiding the elephant in the room this go around but how do you avoid talking about an event that has shocked the entire world – no, not the pandemic; rather, the Philadelphia Eagles benching Carson Wentz then subsequently trading him to the Indianapolis Colts. The pandemic is old news – the new administration has told me that everyone who wants to be vaccinated by end of May will be, so it’s time for some normalcy! In all seriousness, and not to downplay COVID, it continues to be a long year for most of us, but it seems there is a light at the end of the tunnel, and it couldn’t come soon enough. Our entire team has missed the face-to-face interaction not only amongst ourselves but also with our clients and underwriters. I know I am starting to experience that “Groundhog Day syndrome” the experts are talking about. I know I am starting to experience that “Groundhog Day syndrome” the experts are talking about. (Get it?)
Moving forward! I’m sure I speak for all of us when I say that we look forward to getting back to some sort of normalcy in the upcoming months, but in the meantime, our team continues to provide great solutions to your insureds for their environmental and construction professional liability needs.
In this issue of the Standard, we present a pre-recorded, 30-minute webinar titled “Help! Legal Fees Are Eating Up My Limits,” where RT ECP’s Drew Rothman, along with Steve Bardsley of Bardsley, Benedict + Cholden, LLP, discuss the application of defense costs outside the limits of liability. This issue also highlights Mitch Cohen’s article “Field Decisions Gone Wrong: The Importance of Rectification Coverage,” recently published in Construction Executive. Mitch discusses rectification or mitigation of loss coverage and how it may apply in a Contractor’s Professional Liability policy. I hope you enjoy these and the other articles in this issue.
Thank you for reading and I hope to see you soon.
Zurich Exits Site Pollution Market
Bad News: Effective April, 1st Zurich will follow the
path of AIG in 2016. Zurich has elected to exit the Site pollution coverages in the US including all of the various site pollution policies – Pollution Legal Liability (PLL), lender policies etc. They will, however, continue to conduct business outside of the U.S.
Good News: The U.S. PLL marketplace continues to be strong with multiple carriers and new entrants with capacity to fill the void.
Suggestions to help your insureds prepare for carrier change:
Update Statement of Values
Update older applications
Ensure your insureds have all of the due diligence (Phase I, Phase IIs, EPA letters, etc.) provided to Zurich over the years
Review your insured's long-term policies and evaluate any potential development in the next year
Include any indemnities
Please reach out to your RT ECP consultant to assist in replacing coverage. RT ECP can help provide a smooth transition of your insured's Zurich Policy.
Webinar: Help! Legal Fees Are Eating Up My Limits
The manner in which defense costs apply to insurance policies in the event of a claim can be complicated and challenging. In this pre-recorded, 30 minute webinar hosted by RT ECP's Drew Rothman and Steve Bardsley, partner at the law firm of Bardsley, Benedict + Cholden, LLP, the application of defense costs outside the limits of liability is discussed. The webinar agenda includes the following:
What are "Defense Costs Outside the Limits of Liability?"
Examples of Legal Fees Eating Limits
Evolution of Defense Outside the Limits
SOLUTIONS!
Listen to the webinar at your convenience to learn about real life examples, sample insurance policy wording, benefits of defense costs outside the limits of liability, and potential solutions available within the marketplace.
Field Decisions Gone Wrong: The Importance of Rectification Coverage
Errors and omissions happen regularly in the construction world and rectification or mitigation of loss coverage can potentially finance repairs when wrongful professional acts cause damage to construction before project owners make claims against the contractor. In his article titled "Field Decisions Gone Wrong: The Importance of Rectification Coverage" recently published in Construction Executive, Mitch Cohen discusses rectification or mitigation of loss coverage and how it may apply in Contractor's Professional Liability insurance policies. In addition, Mitch provides real-world examples where an insured could benefit from this important coverage. Read the full article by clicking below.
Please join us in congratulating the following RT ECP team members on their recent, well-deserved promotions.
Joe Reynolds, Vice President
Bill Webb, Vice President
Maureen Amari, Vice President
Tim Prosser, Senior Consultant
Joe Buono, Account Executive
Heidi Burke, Account Executive
Gina Bernardo - Account Manager
Stacy Burrows, Senior Account Manager
Welcome to the Team
Hilton Jones
Please join us in welcoming Hilton Jones, Consultant, to the RT ECP team. Hilton joins us with 16 years of experience in underwriting and thought leadership with professional liability for real estate developers, architects, engineers, and contractors as well as miscellaneous professional liability. Hilton will assist clients in finding risk management solutions in the environmental, real estate and construction industry verticals. Contact Hilton at 609-528-3896 or email.
Alex Ilgner
Please join us in welcoming Alex Ilgner, Account Administrator, to the RT ECP team. A recent graduate of Temple University's Fox School of business with a degree in Risk Management and Insurance, Alex supports the account management and policy servicing activities provided to our retail agents and brokers. Contact Alex at 609.469.2650 or email.
Steve Edwards
Please join us in welcoming Steve Edwards to RT Specialty as RT ECP's dedicated claims advocate. Prior to joining RT, Steve led the advocacy and claims practice at the Robert E. Miller Group, where he primarily focused on construction risks, including asbestos abatement, construction managers, general contractors, specialty contractors and tradesman. Contact Steve at 816.412.7534 or email.
Risk Tip - Is Your Disposal Facility An Approved Site? Why is This Important?
By: Maydelis Torres
Negotiating policy coverages can be highly beneficial for an environmental firm, but if the firm has not done their risk management homework, it could be all for naught. Not addressing this very basic question could cost your your environmental firm insured's coverage. What disposal facility do they use? Why is that important? Because If your insured elects to use a site that is not an approved facility (i.e., in regulatory good standing), their policy may preclude coverage and their company may be responsible to pay for any clean up required for waste that was disposed of there. A generator is responsible for the hazardous waste it produces. In fact, their liability doesn’t end when the containers leave their shipping dock. Hazardous waste generators continue to be responsible for their hazardous wastes as well as any costs associated with future releases of that waste. The Environmental Protection Agency (EPA) established what is known as “cradle-to-grave” liability for all hazardous waste generators. This applies to all facilities generating hazardous waste under the Resource Conservation and Recovery Act (RCRA). "Cradle-to-grave" liability means that a generator is responsible for their hazardous waste from the time they create it until the time they dispose of it. This helps to ensure that facilities choose responsible treatment, storage and disposal methods for the hazardous wastes they generate.
Check if a facility is an approved waste disposal site here.
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Have you subscribed the RT ECP News Center, formerly our blog? The News Center contains a wealth of information including industry related news 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.
