Proactive steps to consider if you are a construction risk manager

As a construction risk manager, you have a lot to account for; here are some tips to help you with your construction insurance needs.

 

With the economic and pandemic climate changing how we do business, making critical risk management decisions can be challenging. Due to COVID-19, contractors have also changed their ways and have forecasted lower sales, payrolls, and revenue, while maintaining a high premium.

To help you better navigate your construction insurance needs, we’ve compiled a list to help you take proactive steps to ensure you are properly covered, from utilizing analytical tools, and evaluating project schedules in conjunction with project placements. 

• You should prepare and consider that insurance pricing might keep increasing. This is the perfect time to evaluate and go over your insurance, including the charges, bids, and contracts within your plan. 
• A year before your ART renewal, you should consider an alternative risk transfer ART program structure regarding early viability. ART structures involve a lengthy educational process for internal stakeholders, owners, and insurance carriers. 
• Take the time to develop and strengthen (current and past) relationships with your insurance carriers. It is valuable to have off-cycle market meetings with holders and potential carriers. 
• Don’t forget to start your insurance renewal process 180 days before its expiration. 
• Together with your insurance broker, develop comprehensive and accurate renewal data. 
• Begin any project extensions as early as possible! Extensions can be challenging and hard to obtain. In addition, if there are any delays, insurance placement is required and is quite costly. 
• Lastly, you should utilize analytical tools to evaluate the effectiveness of current program structures. 

Taking the proper steps to make sure your construction projects and business are protected can be daunting but our insurance specialists at Fulcro are here to guide and help you through the insurance process and answer any questions you might have.

Learn more about the insurance services we provide to the construction industry here: https://fulcroinsurance.com/industry/construction-risks/. 

*This article was originally published by Willis Towers Watson and repurposed with permission.