Hamilton, NJ, September 26, 2019 --(PR.com
)-- RT Specialty, LLC’s National Environmental and Construction Professional Liability Practice (RT ECP) recently held its Annual Consultant Conference in Atlantic City, New Jersey with nearly a dozen insurance experts and legal professionals exploring the industry’s latest trends and challenges. For the past six years, the event has been specially-designed to further the collective knowledge of the company’s expert specialists and highlight the events driving change, innovation and growth in this complex niche marketplace.
RT New Day’s president Jefferey S. Lejfer, CPCU, began the day-long meeting with panelists who discussed the ongoing rise of per- and polyfluoroalkyl substances (PFAS) and perfluorooctanesulonic acid (PFOS) claims and issues. The dais, which featured Mark Brown of Crum & Forster; Chris DeLauder of Berkley Environmental; Toby Smith of Ironshore Insurance; Mary Ann Susavidge of AXA XL; and Mark Vuono of Great American Insurance, agreed on the industry’s need to better define exposure and potential liability issues as science continues to evolve and the claims greatly expand in this area over the next few years. Other considerations involved the education of underwriters, who are often hard-pressed to address new contaminant challenges as federal regulations regularly emerge to detail the remediation of pollutants that can negatively impact the environment for decades.
As for “the issues that keep the panelists up at night,” many cited unforeseen circumstances among their greatest fears. This includes the inevitable wave of climate change lawsuits that are likely to hit the industry in the near future and lottery mentality that is now driving the constant sprint to litigation with new exposure allegations.
Steve Davis and Dave Nichols of McGriff, Seibels & Williams then started the afternoon by detailing the steps needed to obtain the most competitive terms and rates through the development of best-in-class risk profiles. Emphasized was a granular approach to clients that begins with building strong relationships through the gathering of in-depth environmental and professional information offered in a serious, open and transparent format.
During the meeting’s final presentation, Michael Pepe and Tracy Saxe of the legal firm of Saxe, Doernberger & Vita, P.C. reviewed the contract language of several construction insurance liability policies and the strong impact even a few ambiguous words can have on claim settlements and the dispersal of funds, payouts and limits from other policy forms.
“Our team has met in Atlantic City every year since 2014 to discuss and share perspectives on the ever-changing national environmental and construction-related professional liability marketplace,” explains Lejfer. “This includes sharing insights and input with seasoned industry professionals, who deeply understand the various, complex nuances influencing our field and the possible challenges confronting our firm and customers. It is through detailed exercises like these that we’ve managed to become the recognized, premier resource in this space.”
For more information on RT Specialty, LLC’s National Environmental and Construction Professional Practice (RT ECP) please visit newday.rtspecialty.com or call 609-298-3516.
RT New Day, a division of R-T Specialty, 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. RT New Day 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. In California: R-T Specialty Insurance Services, LLC License #0G97516.