RT Specialty Senior Executives Address Environmental & Construction-Related Liability & Insurance Trends at 42nd IRMI Construction Risk Conference
During his presentation titled "Insuring Environmental Risks on Large Infrastructure Projects," Slivka reviewed the traditional environmental exposures and upcoming liability issues likely to be encountered by developers, public entities and contractors in the coming year. According to Slivka, “We were greatly impressed with the overall optimism expressed by this year’s attendees. This interest was based on the strong backlog of projects contractors are continuing to experience and the activities likely to start based on the introduction of the new
“In response, the marketplace has already started to create environmental insurance products designed to protect owners, contractors and related stakeholders from the exposures they may encounter during the course of these projects. This includes the new policy forms that are rapidly evolving to cover the potential pollution issues commonly associated with the building of transportation projects and water distribution networks as well as the wide range of civil engineering projects likely to launch in the very near future.”
“Contractors nationwide are becoming increasingly concerned about the health and environmental issues surrounding these ‘forever chemicals’ as well as the ever-growing legislation governing the retroactive cleanup of landfills and Superfund sites,” explained Slaugenhoup. “Given that PFAS is here to stay and there is no way to easily remediate their challenges, we spent the remainder of the session stressing the importance of due diligence and the benefit of having the proper risk management solutions in place before the job begins.”
On the event’s final day,
“Throughout the conference, we connected with new and existing retail insurance brokers, who are concerned about the scenarios that are increasingly exposing contractors to professional liability,” added Reynolds. “Many contractors wrongfully believe they’re not responsible for design-related errors if they are not directly performing these services or that general liability policies will cover the issues if they should arise.
“Unfortunately, in many instances, neither is true. Contractors are increasingly finding that their general liability policies are not designed to cover the professional risks or economic damages associated with anything from the pure design of projects to value engineering, pre-construction services and product recommendations. As a result, the rest of our discussion focused on the growing benefit for professional liability policies and risk management solutions that address the damages arising from the professional acts, errors, and omissions performed by or on behalf of trade contractors. This includes the rectification of design errors that could otherwise lead to third-party claims, costly delays and potentially crippling financial outcomes.”
For more information on the 42nd
About RT Environmental & Construction Professional
RT Environmental and Construction Professional (RT ECP) is a part of the RT Specialty division of
Contact Information:
RT Environmental & Construction Professional Practice
Contact via Email
Read the full story here: https://www.pr.com/press-release/874649
Press Release Distributed by PR.com
Fidelity Life: What Millennials Need to Know About Life Insurance with No Medical Exam
AM Best Affirms Credit Ratings of Etiqa General Insurance Berhad
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News