Insurance Community University Insight on Installation Floaters and Contractor’s Equipment 1 The...
Transcript of Insurance Community University Insight on Installation Floaters and Contractor’s Equipment 1 The...
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Insurance Community University
Insight on Installation Floaters and Contractor’s Equipment
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The webinar will begin shortly.
There is no audio at this time.
This presentation is being recorded for your viewing pleasure at a future date.
The attendance and proctor forms are available under ‘Materials’ in the Webinar’s Console to the right.
The PowerPoint presentation is also available under ‘Materials’.
You will receive the course number for your state near the end of class.
Use the ‘chat’ window for questions on the content.
100% Participation in Polling Questions is required to receive credit for this class. Even if you do not intend to receive credit, please participate in the polls.
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Insurance Community University
Welcome to your Insurance Community University
• All of you are currently on mute – Un-mute your own system– Telephone Option
• Select Telephone on your screen• Dial in the PIN number so that your number becomes active
– Microphone and/or Speaker Option• You can use this option if you have a headset that you use with
your computer
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Audio
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Insurance Community University
Participation & Chat Window
• You will receive information from the monitor via the ‘Chat’ window. – Please locate window in the control panel
• Q & A is welcomed during the presentation and at the end of the presentation
• You will find the question box on your control panel– Write your question in that box and send it to the presenter/organizer
• The presenter will take those• questions in the order submitted
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Insurance Community University
DOI Requirements
• When you see a slide with the hand up symbol, touch the “hand” icon on your control panel– Click ONCE only
• If you do not raise your hand, the monitor will be in contact with you in the chat box
• If you are in a group, the designated proctor is responsible to make certain you are all in attendance at all times
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= Hand is down
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Insurance Community University
Polling
• Throughout the class we will be conducting periodic polls
• We need 100% participation on the polls• The polls are intended to check
participation but also to create discussion topics throughout the presentation
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Insurance Community University
DOI Requirements
• We will file your hours with the DOI after the completion of this webinar and we have received the attendance form.
• You have 48 hours to return the form• You will be sent a Certificate of
Attendance/Completion by email. Please retain this for your records for five years.
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Insurance Community University
Disclaimer
Insurance forms and endorsements vary based on insurance company; changes in edition dates; regulations; court decisions; and state
jurisdiction. This instructional materials provided by Insight is intended as a general guideline and any interpretations provided by Insight do not
modify or revise insurance policy language. The authors of these materials, Insight Insurance Consultants is a division of Insight Consulting
and Management Inc. In providing these materials, Insight assumes neither liability nor responsibility to any person or business with respect to any loss that is alleged to be caused directly or indirectly as a result of
the instructional materials provided. Copyright 2010 – 2012 All Rights Reserved
www.insurancecommunitycenter.comLaurie: 714.803.5830 [email protected]
Marjorie: 714.206.9583 [email protected]
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Insurance Community University
Your Instructor Today
Al Parizo, AFIS, CISC
In our last session:On Chautauqua Trail, Boulder CO we found a good Builder’s Risk
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Insurance Community University
In Depth review
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We now go deep into issues of Installation and Equipment floaters
Channel Islands CA
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Insurance Community University
Polling Question #1
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Insurance Community University
What This Class Will Cover
1. Reasons to purchase an Installation Floater
2. Covered Property/Excluded Property3. Coverage Locations/territory/valuation 4. Contractors Equipment eligible and
non-eligible property 5. Limits and Coverage Structure and
review
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Insurance Community University
Inland Marine and Contractor’s Equipment
The rest of the project beyond Builders’ Risk
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Insurance Community University
Inland Marine
• The client’s exposures should be reviewed and the insurance coverage specifications designed to meet those needs as effectively as possible
• Fit the coverage to the client – do NOT fit the client to the coverage
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Insurance Community University
NAIC Definition of Installation Risk
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Insurance Community University
Installation Floater
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Insurance Community University
Coverages for Builders
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Insurance Community University
Purpose of the Installation Floater
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Insurance Community University
Comparison Installation Floater and Builder’s Risk
Project Begins
Builders Risk Policy Begins
Project Ends
Builders Risk
Policy Ends
Installation Begins
Installation Floater Coverage Begins
Installation Ends
Installation Floater
Coverage Ends
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Insurance Community University
Why A Subcontractor Should Purchase An Installation Floater
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Insurance Community University
Why A Subcontractor Should Purchase An Installation Floater
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Insurance Community University
Commercial Property Policy
• Will not cover away from insured premises.
• Limited Transit coverage (if any).• Off site storage issues.
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Insurance Community University
Covered Property
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Insurance Community University
Excluded Or Limited Property
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Insurance Community University
Excluded Or Limited Property
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Insurance Community University
Museum Quality Installation
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Museum of Fine Arts Job Site
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Insurance Community University
Excluded Or Limited Property
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Insurance Community University
Covered?
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Insurance Community University
Any waterborne exposure?
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Insurance Community University
Polling Question #2
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Insurance Community University
Excluded Or Limited Property
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Insurance Community University
Coverage Locations
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Insurance Community University
Coverage Territory
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Insurance Community University
Polling Question #3
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Insurance Community University
Valuation
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Insurance Community University
When Coverage Begins and Ends
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Insurance Community University
Covered Causes of Loss
• Typically Special Form perils• There are very few forms that use
named perils – this would be when the underwriter wants to exclude theft
• Equipment Breakdown coverage may be needed
• Earthquake, Flood, Wind (Tier 1) or Named Storms
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Insurance Community University
Typical Exclusions
• Pollution Clean Up– Many policies have a limitation for
extraction or removal of pollutants from land or water at the coverage location only and will be limited to $10,000 or possibly $25,000
– This is clearly inadequate for most construction sites
– Review the need for Pollution Remediation Coverage
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Insurance Community University
Exclusions
• Civil Authority• Earth Movement• Flood• Fungus• Ordinance or Law• Penalties• Sewer Backup• Contamination or
Deterioration
• Criminal, Fraudulent• Employee Dishonesty• Electrical Currents• Loss of Use• Mechanical Breakdown
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Insurance Community University
Typical Exclusions
• Testing– Frequently excluded, either by specific
language or by removing any loss caused by Mechanical Breakdown, Explosion, Arcing (Artificially Generated Electrical Current), Steam Boiler or Pressure Vessel explosion
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Insurance Community University
Typical Exclusions
• Error, omission or deficiency in design, specifications, workmanship or materials as respects the cost of making good such error, omission or deficiency– ALWAYS make sure that the policy contains an
exception to this exclusion, such as:– However, resulting physical loss or damage to the
insured property is covered
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Insurance Community University
Typical Exclusions
• Terrorism– The coverage offer needs to be addressed
for both TRIA and other acts of terrorism, such as domestic
– Domestic terrorism could be a significant risk exposure, depending on the geographic siting of the project
– Domestic environmental groups have been known to destroy property while under construction
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Insurance Community University
Waiver of Subrogation
• Contracts often require a waiver of subrogation
• Not all forms allow a waiver and can void coverage
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Insurance Community University
Polling Question #4
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Insurance Community University
Contractor’s Equipment Floater
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Tools of the trade
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Insurance Community University
Coverage Purpose
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Insurance Community University
Named Insured
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Insurance Community University
Eligible Property
Everything to get the job done
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Insurance Community University
Tools & Equipment
• Hand tools• Power drills• Concrete mixers• Compressors• Pumps• Generators• Bulldozers / fork
lifts / Power shovels
• Derricks / cranes / Cherry-pickers / hoists / elevators
• Road construction and resurfacing equipment
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Insurance Community University
Covered Property
Broad Definition
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Insurance Community University
Owned
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Insurance Community University
Scheduled
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Insurance Community University
Blanket
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Insurance Community University
Combination
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Insurance Community University
Newly Acquired
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Insurance Community University
Non-Owned
• NEVER assume that coverage is automatic
• Leased• Hired• Rented• Borrowed from others• Loaned to others
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Insurance Community University
Excluded or Limited Property
Where is it covered?
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Insurance Community University
Tools or Equipment Loaned or Rented to Others
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Insurance Community University
Employee Tools
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Insurance Community University
Underground or Underwater or Airborne/Waterborne
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Insurance Community University
Vehicles Designed for Highway Use
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Insurance Community University
BAP vs. Marine
• Highway exposure vs. job site. Don’t depend on BAP Physical Damage.
• Contractor’s equipment policy covers anywhere in policy territory.
• Can go broader than collision and other than collision coverage in BAP in tailoring consequential loss and rental reimbursement.
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Insurance Community University
Limits and Coverage Structure
Non controlled form gives you flexibility
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Insurance Community University
Covered Locations
• While in transit• While at any job site• In temporary storage• At the insured’s premises• Should include language “while
anywhere in the coverage territory”– This is a safety net of coverage for the
insured
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Insurance Community University
Covered Territory
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Insurance Community University
Polling Question #5
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Insurance Community University
Coinsurance
• Most companies use coinsurance: 80%, 90%, 100%– Used to ensure that the limits of insurance
submitted are at value– Penalties will apply if the limits do not meet
or exceed the coinsurance percentage selected
• Signed statement of values• Attempt to waive coinsurance
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Insurance Community University
Valuation
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Insurance Community University
Deductible
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Insurance Community University
Covered Perils
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Insurance Community University
Commonly Excluded Perils
• Inventory shortage• Dishonesty of insured, employees• Wear and tear• Gradual deterioration / Hidden or latent
defect / inherent vice• Rust, dampness, or dryness
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Insurance Community University
Commonly Excluded Perils
• Mechanical breakdown or failure / electrical arcing
• War and nuclear• Loss to crane or derrick
– Specified perils are often covered as an exception to the exclusion
– Attempt to negotiate elimination or modification of this exclusion
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Insurance Community University
Commonly Excluded Perils
• Weight of a load exceeding lifting capacity– Attempt to negotiate elimination or
modification of this exclusion
• Upset or overturn– This is a variation on the weight of load or
loss to crane or derrick– Attempt to negotiate elimination or
modification of this exclusion
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Insurance Community University
Crane Considerations
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Insurance Community University
Outriggers add stability
Operator failure can have a bad outcome
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Insurance Community University
Outrigger Failure
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Insurance Community University
Boom goes the Crane
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Insurance Community University
Operator training and supervision
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Insurance Community University
Exceeded Lifting Capacity
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Insurance Community University
Boom goes the Boom
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Insurance Community University
Wind Damage
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Insurance Community University
Endorsements
• Boom coverage– Removes the boom limitation– The underwriter will want to know job supervision,
operator training and experience before adding the coverage, which will often still be limited, depending on the length of the extension.
• Overload coverage– Removes the exclusion wherever possible.
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Insurance Community University
Endorsements
• Rented, Leased or Borrowed From Others Equipment– Provides coverage for equipment that belongs to
others while in the care, custody or control of the insured
– Often limited to the type of owned property already insured
• Property loaned to others– Removes the exclusion when the insured’s own
property is in the care, custody or control of others
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Insurance Community University
Endorsements
• Rigger’s Liability– This endorsement provides coverage for damaging
another person’s property while in the insured’s care custody or control.
– If not available on the Equipment form, check with the Inland Marine underwriter for stand alone or cross check to the CGL and ask the underwriter to consider removing or modifying the exclusion for care, custody or control in that form.
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Insurance Community University
Low tech submission, Rigger
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Insurance Community University
Consequential Losses and Optional Coverages
Loss of use issues
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Insurance Community University
Loss of Income
• Covers loss of income arising out of a covered loss to covered property
• A time deductible may apply• This coverage may be critical, especially if the
insured has specialized or customized equipment
• Loss of the equipment may cost the insured a job
• This coverage is not widely available
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Insurance Community University
Extra Expenses
• Time deductible may apply• Coverage applies if a consequence of
covered loss to covered property• Additional costs to repair, restore or rent
equipment• Less widely available than Rental
Reimbursement
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Insurance Community University
Rental Reimbursement
• Limit per day with a maximum for all rental costs
• Can sometimes apply using a time deductible, such as first 24 or 48 hours
• Loss must be a consequence of a covered peril to covered property
• This coverage endorsement is often available
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Insurance Community University
Polling Question #6
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Insurance Community University
Underwriting Considerations
The more information provided with the submission, the more leeway the
underwriter will have to modify coverage
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Insurance Community University
Underwriting Considerations
• Type of work performed and where• Type of equipment and inherent
exposures• Assists in establishing exposures and
rates.• Total values at risk• Maximum values at job sites• Employee tools
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Insurance Community University
Underwriting Considerations
• Method of transporting equipment• Maintenance records and mechanic
qualifications• Security• At the job site and at insured’s yard or
storage facility• Where and how garaged when not in
use
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Insurance Community University
Underwriting Considerations
• Experience of personnel• Loss history• Loss control / prevention measures• Union status and labor relations• Financial condition of insured
– Insured in poor financial condition will often skip routine maintenance, training, security, etc. thereby increasing loss potential
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Insurance Community University
Good Supplemental Information
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Insurance Community University
Summary
• No standard form in the industry• MUST review the form to verify it
responds for risk exposures of the insured– Not as easy as it may seem
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Insurance Community University
The Rest Is Up To You
• A good Marine Underwriter is your best asset to tailor appropriate coverage.
• There is insurable interest during the life cycle of construction for everyone in the project.
• Help your client identify and cover theirs as an installer or contractor.
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Insurance Community University
Upcoming Classes
Upcoming University/Paid CE Classes
FREE to University Members$50.00/charge for non university members
3/14 Homeowners
3/21 Business Auto
3/26 Insight on Property Valuation Required by CA DOI
3/28 Winery Insurance
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Upcoming Community Classes FREE to University Members$25.00/charge for non university members
3/19 New Commercial General Liability Form
Join the University TODAY. www.insurancecommunitycenter.comClick Join University at the top of the bar