16B — January 30 - February 12, 2015 — Green Buildings — M id A tlantic

Real Estate Journal


G reen B uildings

Commercial Real Estate is COMING BACK & it's COMING BACK

At the 34th annual IRMI Construction Risk Conference New Day Underwriting Managers talk liability


Owners Protective Professional (OPP) terms and coverages available through leading car- riers. “The boundaries are constant- ly shifting in today’s commer- cial construction marketplace resulting in new layers of risk that could leave the unprepared very vulnerable to all forms of problems,” said Slivka. “In years past, there was a clear demarca- tion between the responsibilities of all the players. These lines no longer exist. Owners are demanding more of contractors, who are being asked to consult on projects earlier than ever before and in areas beyond their expertise. LEED certification is becoming a consistent demand. Products unproven in new ap- plications are being usedwithdi- sastrous results. Unfortunately, many project owners also fail to realize that they retain the ul- timate responsibility for design errors when problems arise. In addition, Farrell hosted a table discussion on “Contractors Professional Liability (CPrL): Closing the Coverage Gap” during the conference’s annual Construction Café. This session highlighted both the “obvious and not so obvious professional exposures” related to issues like

value engineering, subcontrac- tor selection, site supervision, constructability reviews, opin- ions and recommendations. This included comparing and contrasting the professional liability coverages of carriers, the role of negligence in trig- gering claims and the methods for protecting contractors from uninsured and under-insured design professionals with excess coverage. “Our discussionwas dedicated to helping retail brokers, under- writers and insureds better un- derstand CPrL benefits and the damages that can arise through the work of designers, construc- tion managers and/or specialty contractors,” said Farrell. “’New and improved’ CPrL forms are continually being introduced with supplemental coverages for crisismanagement, Building Information Modeling (BIM), disaster response and corpo- rate reputation. As a result, it is extremely important for our business partners and their contractor clients to become far more educated on the new set of challenges that continue to evolve in the changing construc- tion workplace and the value of CPrL to help mitigate those risks.” n

AMILTON, NJ — Jeff Slivka , chief op- erating officer and ex-

Market your Green Building Products and Services in the Green Buildings Section of the Mid Atlantic Real Estate Journal. For more information please call Steve Kelley 800-584-1062 x 205 Submit Green News and Press Releases to: skelley@marejournal.com

ecutive vice president, and Tim Farrell , senior vice president, at New Day Underwriting Managers LLC a leading re- source for construction-related professional liability and en- vironmental insurance agents and brokers, recently helped hundreds of industry profession- als, including owners and devel- opers, sort through the latest liability trends, risks and costs confronting their businesses at the 34th IRMI Construction Risk Conference in Nashville, Tennessee. During the session titled “In- suring Project Owners' Profes- sional Liability Risks,” Slivka detailed the numerous liabili- ties ranging from the collapse of parking garages to surveys errors that are currently plagu- ing an industry that has expe- rienced an approximate 30% increase in construction-related professional liability claims over the past year alone. This included reviewing the various non-insurance alternatives for managing professional liability risks on construction projects as well as identifying multiple insurance options including


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