Construction Defect Insurance: Challenges & Opportunities for Developers and Real Estate Professionals - Real Estate Roundtable Presentation from October 10, 2013 - Cary White, NFP P&C
Real Estate Roundtable Presentation - Cary White, NFP
1. Construction Defect Insurance
Challenges & Opportunities for Developers and
Real Estate Professionals
Presented By:
Cary White
Vice President
Thoits Insurance Service, Inc.CA License #0243213
160 West Santa Clara St., 12th Floor San Jose, CA 95113 (408) 792-5400
Insurance services provided through Thoits Insurance Service, Inc., an affiliate of National Financial Partners Corp. (NFP). Securities offered through NFP Securities, Inc., Member FINRA/SIPC, a subsidiary of NFP.
8. Essentials
1. Anticipate Underwriting Requirements
2. Anticipate Underwriter Binding Conditions
3. Explore Unusual Coverage Combinations
4. Be Specific About Your Expectations
5. Leverage Project Volume
9. Avoid Surprises
1. BEFORE BINDING COVERAGE
Demand a COMPLETE specimen copy of each:
o Policy Form
o All Proposed Endorsements
2. Remember there are Three (3) types of
coverage in any policy:
o Explicit
o Not Otherwise Excluded
o Exceptions to Exclusions
10. Be Especially Careful With
1. Renovation Projects
2. Condominium Conversion Projects
3. When Final Use Is Unclear:
Apartment or Condominium?
11. Essentials For Harmony
1. Anticipate Lender Requirements
2. Anticipate Design Partner Expectations
3. Anticipate Contractor Expectations
4. Use Technology
12. Simplify Administration
1. Insurance Certificate Administration
2. Wrap Up Administration
3. Deductible Liability
4. Communicating With Stakeholders
5. Organization