Whether you are working with general contractors or subcontractors, insurance within the contractors’ niche can be challenging. As an insurance professional, getting everything right the first time can help you appropriately protect your insured and lower your E&O exposure.
In this four-part Contractors’ podcast series, Jay Williams, CIC, CRM, CRIS, MLIS, AIP, AAI, ACSR, Head of Faculty & Academic Development spends time discussing this complex transaction with National Faculty Members, Cathy Trischan, CIC, CRM, CPCU, ARM, AAI, AU, CRIS, MLIS, TRIP and Allen Messer, CIC, CPCU.
Whether dealing with General Contractors or Subcontractors, insurance can be extremely complicated. From the contract to the coverage, getting it right the first time will help properly protect your insured, and reduce your E&O exposure.
Contract requirements include requirements for adding others as Additional Insureds. This can be extremely problematic depending on the edition of the form that is required. In this episode, the discussion turns to those requirements and the differences between the edition dates of the forms used to provide insured status to others, including what the pros and cons are of adding others to the insured’s policy and the importance of properly completing the ACORD Certificate of Liability Insurance.
One of the most important coverages for contractors is the Commercial General Liability (CGL) Policy. It’s essential for agents to understand exclusions that can be problematic for contractors and the exceptions to those exclusions. Endorsements can also have a huge effect on how coverage applies. Learn about specific details regarding what agents need to be aware of as they write coverage for their insureds.
Part four of our Contractors Series deals with important considerations when Property Coverages are involved. Cathy Trischan and Allen Messer discuss the Builders Risk Policy including comparing Property Forms to Inland Marine Forms and coverage for soft costs. We also take a moment to discuss other property coverages agents need to be aware of.
This podcast series only begins to scratch the surface when it comes to insuring construction risks. Learn more and attend the PROFocus Contractors course!
Jay Williams, CIC, CRM, CRIS, MLIS, AIP, AAI, ACSR
Jay Williams, CIC, CRM, CRIS, MLIS, AIP, AAI, ACSRJay Williams is a National Faculty Member and an Educational Consultant for The National Alliance for Insurance Education and Research. He earned his CIC designation in 1996 and his CRM designation in 2004. He is a veteran of the insurance industry, starting his career in 1979. His experience includes 21 years in the agency business, nine years at the Florida Association of Insurance Agents, and seven years as an insurance company and PEO executive. Jay also served as the interim CEO for Applied Client Network, the user-group association for agents using Applied Systems platforms.
Jay has been teaching formal insurance classes for over 20 years, including both technical insurance and E&O loss control classes for FAIA. He was part of the IIABA Loss Control Working Group for 5 years and also served on the Professional Liability Committee.
His experience on the agency, association, and company sides gives Jay a uniquely rounded perspective on the insurance industry. His most recent position was the CEO of a construction risk wholesale operation. In addition to his work as an insurance educator, Jay serves as an expert witness, a consultant to insurance companies, associations, agencies, and industry-related partners, and an E&O auditor.
Allen Messer, CIC, CPCU
Allen Messer, CIC, CPCUAllen Messer brings technical skill, initiative, and experience to bear on the complex problems of insurance and risk management. He began his insurance career in March of 1971. Allen earned his CIC designation in 1977 and has been teaching for The National Alliance since 1981. He has worked for several different insurance companies in various capacities and has been involved in the independent agency system as a producer and agency owner.
Cathy Trischan, CIC, CRM, CPCU, ARM, AAI, AU, CRIS, MLIS, TRIP
Cathy Trischan, CIC, CRM, CPCU, ARM, AAI, AU, CRIS, MLIS, TRIPCathy Trischan has been with the E&K Insurance Group in Eatontown, New Jersey since 1996, and currently serves as Director of Commercial Underwriting. She began her insurance career upon graduation from Rutgers University in 1987. She has worked as a claims adjuster for a major property and casualty carrier as well as in the commercial departments of several New Jersey agencies. In addition to her work with E&K, Cathy provides education and consulting services to other agents and brokers. She is a National Faculty member of The National Alliance, speaking in the CIC, CISR and Ruble programs. She also serves as a mentor for new CIC and CISR faculty. Cathy is a regular presenter for various agents’ associations and other organizations and has taught both pre-licensing and continuing education courses. She has written courses and articles on various insurance topics. A firm believer that one should never stop learning, Cathy holds several professional designations including CIC, CRM and CPCU.
