Construction 101: Everything you need to know
about Construction Risks – Insurance & Surety
When analyzing Construction Risks, there are certain
basics that insurance professionals must be able to wrap their heads around.
Construction insurance is designed to insure buildings or projects against
replacement or repair — both while they are under construction and, in some
cases, for a specified time afterwards. In addition, insuring the exposures of
third parties (bodily injury and property damage) is a key element in properly
covering off the insurance side of construction risks. The other component that
is heavily involved in many construction projects is the Surety portion, which
differs from insurance itself as it protects the financial interests of the
consumer (owner of the project). In one place you can gain knowledge from
experts in construction both on the insurance and surety side.
Who Should Attend:
This seminar is intended for underwriters, agents,
brokers and adjusters who are not yet familiar with Construction Risks and
Surety Bonding or want to brush up on their construction knowledge.
Brokers: Learn the basics about
various coverages including, project, liability, delay-of-start-up, operational
insurance and surety.
Underwriters: Get a glimpse into
the world of construction insurance and surety underwriting. From who is
building it, to technology considerations, come learn about the unique risks in
construction insurance.
Adjusters: Learn about some of
the many nuances of various insurance products. You’ll benefit from tapping into
our seasoned expert who can explain where one policy ends and another would
kick-in and what each type of insurance policy and bond is intended to
cover.
Objective:
This seminar purpose is to
provide an overview of construction risks and how surety and insurance differ,
summarize the development and functions of insurance and surety, illustrate the
importance of insurance and surety to the construction industry, and introduce
the underwriting process
By the end of this seminar attendees
will:
Part I: Construction Insurance
• Explain the types of insurance needed
for construction projects, including Builder’s Risks and Wrap-up
Liability
• Describe some underwriting considerations and project
documentation
• Explain the types of insurance needed for construction
operations
• Dissect construction losses and how claims are
settled
• Outline the information required to underwrite construction
risks
Part 2:
Surety
• Define and explain "surety"
• Recognize the
differences between surety and insurance
• Identify the parties to a
surety bond and their roles
• Name and describe three different
categories of surety bond
• Explain the importance of surety to the
construction industry
• Identify examples of four bond agreements used
in the construction industry
• Outline the information required to
underwrite surety accounts
Speakers:
Part I: Construction Insurance:
Marcus A. Raitanen, FCIP, CRM, Underwriting
Specialist, Vice-President, Victor Canada Construction
Part 2:
Surety:
Sharon Clark-Koufis, Director of
Operations, Membership & Stakeholder Services, A.C.S.B. Designation Program Administrator and
Slava Kolmatskyy, Client
Director Construction Surety at NFP Canada