Construction Defect Insurance Challenges & Opportunities for Developers and Real Estate Professionals Cary White Vice President Presented By: 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.
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Real Estate Roundtable Presentation - Cary White, NFP
Construction Defect Insurance: Challenges & Opportunities for Developers and Real Estate Professionals - Real Estate Roundtable Presentation from October 10, 2013 - Cary White, NFP P&C
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Construction Defect InsuranceChallenges & Opportunities for Developers and
Real Estate Professionals
Cary WhiteVice President
Presented By:
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.
Insurance Requirements
expect more
A Lot More!
Cars evolve.Your insurance should evolve too.
Broaden Coverage
Reduce Cost
Simplify Administration
1. What
2. Who
3. When
4. Where
Broaden Coverage
Reduce Cost
1. Time
2. When Premium Fully Earned
3. Premium Basis/Adjustment
4. Deductible Liability
EffortYour
Influence the outcome.
Effort Arm
Resistance ArmFulcrum
Load
Your Insurance
Broker
Your Goals
HarderEasier
1. Anticipate Underwriting Requirements
2. Anticipate Underwriter Binding Conditions
3. Explore Unusual Coverage Combinations
4. Be Specific About Your Expectations
5. Leverage Project Volume
Essentials
Avoid Surprises
1. BEFORE BINDING COVERAGEDemand 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
Be Especially Careful With
1. Renovation Projects
2. Condominium Conversion Projects
3. When Final Use Is Unclear:Apartment or Condominium?