Products: Insurance
Construction Risk Partners has developed expert capabilities relative to solving the most basic and most complex insurance solutions. Whether for a project or portfolio, a contractor, architect or owner, CRP has the experience, clout and creativity to develop solutions that meet or exceed the needs of our clients. To highlight some of our capabilities and thoughts on various products:
Casualty:
Specializing in Contractor's exposures, Construction Risk Partners has the experience and ability to successfully negotiate and place core and/or project specific General and Umbrella Liability, Business Automobile Liability and Worker's Compensation policies with the broadest possible terms and conditions. We expertly match the insurance placements to the exposures facing our clients. Within our specialization, we carefully review job specifications on a daily basis for both public and private sector projects. We understand the unique enhancements that must be made to a standard insurance policy to fulfill our client's contractual and insurance / risk management needs. Taking this one step further, CRP has the agility and creativity to design programs with our insurer partners for the purposes of (a) addressing emerging exposures evident in the P3 arena (b) arranging for financially lucrative
Captive Insurance Programs and (c) negotiating manuscript language allowing for the broadest protection and, in turn, protecting our client's bottom line.
Asking the right questions is essential to understanding the risk. From the nature of construction at the various project locations to understanding the means and methods of a specific job to discerning complex marine operations, we gather the necessary information to evaluate the exposures and place the appropriate insurance coverage for our clients.
What is evident are that loss exposures facing contractor's are increasingly complex. Construction companies confront increased and protracted litigation, skyrocketing settlements, ever changing legal landscapes and unique insurance requirements. The partners and employees of CRP continually stay on top of the external environment that ultimately impacts the availability and pricing of Casualty coverages, limit requirements and overall changes in the contractor's jurisdiction in light of this complex environment.
Property / Builder's Risk Insurance:
Understanding the nature of the contractor's operations emanating from both the main office or fabrication plants as well as the various projects with their unique construction features, occupancy, protection and exposure (aka COPE) is critical to the success of the contractors' insurance program. Each phase of a project brings new exposures (whether in the field or at the plant) and we at CRP know the nuances of construction and alternately the nuances of the applicable coverage.
Builders Risk insurance policies in particular may contain hidden limitations that need to be addressed and removed where possible. CRP recognizes the need to compare and contrast our insurance carrier policy forms to ensure the broadest protection is placed for our client's at the best possible price while their projects are under construction. From the duration of the project to the location to the nature of the construction itself, each aspect of the exposure needs to be carefully evaluated with the correct coverage placed.
Offsite fabrication has taken on increased significance in the construction world. CRP understands this and structures programs to address the main office and fabrication plant property exposures.
Professional Liability Insurance
In the construction industry, professional liability insurance continues to extend beyond traditional architectural and engineering firms. Construction firms today need to have a sound understanding of professional risk and the various ways to manage and finance that risk. Whether it's vicarious professional liability from subcontracting design, responding to performance specifications under contract, or merely offering construction expertise during constructability reviews, construction firms are increasingly exposed to professional liability, whether they know it or not. At CRP, we partner with the professional liability experts who have construction, legal and insurance related expertise to bring our clients the optimal team to manage this risk.
Whether it's a practice professional liability program for an engineering firm, a professional "protective" for a project owner, a project contractors protective policy for a designated design/build project or a combined professional liability and pollution liability policy for a general contractor, CRP has the experience and expertise to construct the optimal insurance solution our clients.
Environmental Liability
Environmental Liability Insurance has become an integral part of any construction firm's insurance portfolio. At CRP, we not only understand "traditional" construction risk, we also understand evolving risk such as environmental liability. Whether it's a contractor's job site operations, transportation or materials, disposal practices or owned properties, construction firms face unique environmental risks that need specific and technical attention. CRP has created a team of insurance and environmental specialists to ensure our contractors' environmental risk is minimized and in some cases eliminated altogether. Sure our clients get state-of-the-art environmental insurance programs but we offer much more than your average insurance broker. By creating solution-based, cost-effective environmental risk management programs our clients experience a much different approach to managing environmental risk than most other insurance brokers can offer.
Financial Lines
Knowing our client's business, their history and their future direction enables CRP to focus on the key exposure areas and make recommendations for insuring the key members of our client's organizations and the company as a whole. Financial line coverages are instrumental in developing a comprehensive insurance program. These coverages include:
- Management Liability encompasses a broad and ever evolving area of employment practices, management decision making as well as covering those in a position of trust and responsible for a host of employer sponsored plans. Construction Risk Partners works with our client's to understand this exposure and design a comprehensive approach to address this risk.
- Fiduciary Liability Insurance protects from the legal liability arising from alleged failure to act prudently as an owner of officer who makes decisions about 401(k) plans or other qualified employee benefit plans. Construction Risk Partners discusses with its clients this sometimes undiscovered need for coverage. Through review of our client's portfolio, CRP can efficiently assess and obtain the proper solution.
- Crime Insurance comes in many forms; employee dishonesty, computer fraud, extortion, forgery or alteration, premises theft and burglary, securities as well as theft, disappearance and destruction. Our intellectual property world grows daily and Construction Risk Partner's client needs are evaluated to ensure proper coverage is in force.
- Directors & Officers Liability provides financial protection of the directors and officers of your company in the event they are sued in conjunction with the performance of their duties as they relate to the company. Coverage has become more commonplace and often combined with Employment Practices Liability. CRP understands the increasing need for these crucial coverages and want to ensure that your company's leadership and balance sheet are protected.
Employee Benefits
To recruit and retain the very best employees in today's marketplace, our client's may offer a competitive employee benefits package that offers affordable health insurance and a 401(k) plan at minimum. CRP provides employee benefits management services customized to meet your needs.
Now that Healthcare Reform has been signed into law, businesses are understandably asking: "What does this mean to me?" Construction Risk Partners knows the answer and, more importantly, can help you comply with the various new laws and assist you in taking advantage of incentives and tax credits associated with this legislation.
Personal Lines
The importance of a properly structured commercial insurance program can only be complimented with the strategic placement of our insured's personal insurance needs. CRP offers a full range of personal lines insurance coverages for your piece of mind. Homeowners, including primary and secondary residences, automobile, recreational vehicles, personal umbrellas, watercraft, and other coverage's are designed to meet the individual needs of you and your family.
Other Insurance
Owner's insurance specifications often call for peripheral coverage (those outside the contractors traditional insurance program). Some examples include:
- Project Specific policies
- Owner's & Contractor's Protective Liability
- Railroad Protective Liability
- Installation Floater policies
- Protection & Indemnity / Hull
- Aircraft
CRP understands these unique coverage requirements and maintains strong relationships with our partner underwriters writing these specialty lines of coverage.
A number of our contractors' are now entering into the international marketplace. CRP structures International programs to dovetail with the contractor's traditional stateside programs.
In short, CRP has the necessary expertise to evaluate your balance sheet, personnel and contractual exposures to design cost effective, comprehensive insurance solutions that protect your bottom line.