Real Estate Journal — Central New Jersey — August 12 - 25, 2016 — 11B


M id A tlantic

C entral N ew J ersey

AMILTON, NJ — Mitch Cohen, PE , former structural en- Tim Jones is named consultant at New Day Underwriting Managers Cohen of New Day Underwriting Managers speaks at E&C Risk Management Conference H as well as the damages result- ing from cyber tampering, drone accidents and/or Busi- dividuals IN OTHER NEWS... Timothy Jones has been gy, manufacturing, commercial and habitational real estate, universities and healthcare industries.

PC , who discussed “Contrac- tor’s Professional Liability Insurance (CPrL) Trends & Hot Topics.” Together, they highlighted the professional liability, protective and recti- fication/mitigation coverages offered to protect insureds from damages arising from the acts, errors and omissions commit- ted in the performance of their professional services. After a brief overview, Cohen and Saxe explored the new and improved CPrL forms covering the industry’s growing reliance on design build, Public Private Partnerships (P3) and Inte- grated Project Delivery models

ness Informa- tionModeling (BIM) tools. T h i s i n - cludes recent e n h a n c e - ments or the broadening of coverage for c ha l l e n g e s

named a con- sultant with- in the Real Estate Prac- tice of New D a y U n - derwriting Manag e r s LLC . His re- sponsibilities

gineer, construction manager, and now vice president at New Day Underwriting Manag- ers LLC , a construction-relat- ed professional liability and environmental resource firm for retail insurance agents and brokers, recently hosted two separate sessions dedicated to the latest hot topics and trends in the environmental and Con- tractor’s Professional Liability Insurance (CPrL) marketplace at the Engineering &Construc- tion Risk Management Confer- ence in Orlando, FL. “This conference provided the ideal opportunity to ex- plore the complex commercial insurance market,” said Cohen. “New rules and regulations, the constant addition and subtraction of carriers offering varying conditions, flavors and enhancements make it nearly impossible for risk managers and construction profession- als to navigate through the forms that are best for pro- tecting their businesses from potentially catastrophic losses or even the relatively minor errors that can delay projects for months and cost millions to correct. “Whether working within a niche or delivering broad-based design and/or build services, our goal is to help the indus- try sort through the confusion and find the risk management tools that best represents their activities,” adds Cohen. In his first presentation, Cohen explored “Environmen- tal Insurance: Hot Topics & Trends.” This included an overview of the Contractors Pollution Liability (CPL) mar- ketplace and the challenges that can trigger these polices, which are designed to minimize the impact of environmental incidents. Offered by more than 40 carriers, the market for this coverage has continued to expand with new definitions for pollution conditions as a requirement of contract speci- fications. Among the many drivers are the issues often now surrounding indoor air quality, mold, fungi, micro- bial-induced corrosion and the recent ASHRAE 188 risk management requirements covering Legionella and Pontic Fever outbreaks. Later in the day, Cohen was joined by Tracy Alan Saxe , managing partner of Saxe Doernberger & Vita,

“Tim is a veteran insurance industry professional with a solid background in engineer- ing, environmental studies and regulatory management,” said John Heft , senior vice presi- dent and director of New Day’s Real Estate Practice. ” Prior to joining New Day, Jones spent nearly six years as a senior underwriter at AIG Environmental underwriting Pollution Legal Liability and Contractors Pollution Liability policies. n

Mitch Cohen

Timothy Jones

such as Rectification coverage versus Mitigation of Damages coverage, advances in the Pro- tective Indemnity coverage, and coverage for condos that are constructed for sale to in-

include working closely with New Day’s broker partners to provide optimal environmental risk management solutions to insureds representing the chemical, petrochemical, ener-

New Day Underwriting Managers LLC 2465 Kuser Road, Suite 202 Hamilton, NJ 08690 Environmental Casualty Environmental Liability Construction-Related Professional Liability

Tel: 609-298-3516 Fax: 609-298-6254 info@newdayunderwriting.com

Made with FlippingBook Annual report