Hamilton, NJ, August 02, 2016 --(PR.com
)-- Mitch Cohen, PE, former structural engineer, construction manager, and now vice president at New Day Underwriting Managers LLC, a leading construction-related professional liability and environmental resource firm for retail insurance agents and brokers, recently hosted two separate sessions dedicated to the latest hot topics and trends in the environmental and Contractor’s Professional Liability Insurance (CPrL) marketplace at the Engineering & Construction Risk Management Conference held in Orlando, Florida.
“This conference provided the ideal opportunity to explore the complex commercial insurance market,” says Cohen. "New rules and regulations, the constant addition and subtraction of carriers offering varying conditions, flavors and enhancements make it nearly impossible for risk managers and construction professionals to navigate through the forms that are best for protecting their businesses from potentially catastrophic losses or even the relatively minor errors that can delay projects for months and cost millions to correct."
“Whether working within a niche or delivering broad-based design and/or build services, our goal is help the industry to sort through the confusion and find the risk management tool that best represents their activities,” adds Cohen.
In his first presentation, Cohen explored “Environmental Insurance: Hot Topics & Trends.” This included an overview of the Contractors Pollution Liability (CPL) marketplace and the challenges that can trigger these polices, which are designed to minimize the impact of environmental incidents. Offered by more than 40 carriers, the market for this coverage form has continued to expand with new definitions for pollution conditions as requirement of contract specifications. Among the many drivers of this coverage are the issues often now surrounding indoor air quality, mold, fungi, microbial-induced corrosion and the recent ASHRAE 188 risk management requirements covering Legionella and Pontic Fever outbreaks.
Later in the day, Cohen was joined by Tracy Alan Saxe, managing partner of Saxe Doernberger & Vita, P.C., who discussed “Contractor’s Professional Liability Insurance (CPrL) Trends & Hot Topics.” Together, they highlighted the professional liability, protective and rectification/mitigation coverages offered to protect insureds from damages arising from the acts, errors and omissions committed in the performance of their professional services.
After a brief overview, Cohen and Saxe explored the new and improved CPrL forms covering the industry’s growing reliance on design build, Public Private Partnerships (P3) and Integrated Project Delivery models as well as the damages resulting from cyber tampering, drone accidents and/or Business Information Modeling (BIM) tools. This includes recent enhancements or the broadening of coverage for challenges such as:
-Rectification coverage versus Mitigation of Damages coverage, and how the broader true rectification coverage will indemnify for the cost of redesigning, repairing and/or replacing construction that was built according to erroneous design plans and specifications
-Advances in the Protective Indemnity coverage, which indemnifies Insureds when awarded damages, or, in some cases, settlements exceed the available limits in a design professional’s errors and omissions policy
-Coverage for condos that are constructed for sale to individuals
To reach Mitch Cohen or for more information on his presentations at the E&C Risk Management Conferenceplease contact New Day Underwriting Managers at 609-298-3516 or visit www.newdayunderwriting.com.
About New Day Underwriting Managers LLC
New Day Underwriting Managers LLC is a specialty resource for agents and brokers, assisting them and their clients find appropriate, high-quality environmental and construction-related professional liability insurance coverages. The company offers agents and brokers single-point access to an ample portfolio of products and services provided by the nation's largest environmental and professional liability insurance providers. More information about the company is available on their website at www.newdayunderwriting.com.