Construction 101: Everything you need to know about Construction Risks – Insurance & Surety
When analyzing Construction Risks, there are certain basics that insurance professionals must be able to wrap their heads around. Construction insurance is designed to insure buildings or projects against replacement or repair — both while they are under construction and, in some cases, for a specified time afterwards. In addition, insuring the exposures of third parties (bodily injury and property damage) is a key element in properly covering off the insurance side of construction risks. The other component that is heavily involved in many construction projects is the Surety portion, which differs from insurance itself as it protects the financial interests of the consumer (owner of the project). In one place you can gain knowledge from experts in construction both on the insurance and surety side.
Who Should Attend:
This seminar is intended for underwriters, agents, brokers and adjusters who are not yet familiar with Construction Risks and Surety Bonding or want to brush up on their construction knowledge.
Brokers: Learn the basics about various coverages including, project, liability, delay-of-start-up, operational insurance and surety.
Underwriters: Get a glimpse into the world of construction insurance and surety underwriting. From who is building it, to technology considerations, come learn about the unique risks in construction insurance.
Adjusters: Learn about some of the many nuances of various insurance products. You’ll benefit from tapping into our seasoned expert who can explain where one policy ends and another would kick-in and what each type of insurance policy and bond is intended to cover.
This seminar purpose is to provide an overview of construction risks and how surety and insurance differ, summarize the development and functions of insurance and surety, illustrate the importance of insurance and surety to the construction industry, and introduce the underwriting process
By the end of this seminar attendees will:
Part I: Construction Insurance
• Explain the types of insurance needed for construction projects, including Builder’s Risks and Wrap-up Liability
• Describe some underwriting considerations and project documentation
• Explain the types of insurance needed for construction operations
• Dissect construction losses and how claims are settled
• Outline the information required to underwrite construction risks
Part 2: Surety
• Define and explain “surety”
• Recognize the differences between surety and insurance
• Identify the parties to a surety bond and their roles
• Name and describe three different categories of surety bond
• Explain the importance of surety to the construction industry
• Identify examples of four bond agreements used in the construction industry
• Outline the information required to underwrite surety accounts
Part I: Construction Insurance:
Marcus A. Raitanen, FCIP, CRM, Underwriting Specialist, Vice-President, Victor Canada Construction
Part 2: Surety:
Sharon Clark-Koufis, Director of Operations, Membership & Stakeholder Services, A.C.S.B. Designation Program Administrator