INDUSTRY EXPERT REVEALS BIG DISCONNECT
BETWEEN ENVIRONMENTAL RISK AND THE RIGHT
INSURANCE COVERAGE
New Day Underwriting Addresses 25th
Annual Construction Insurance Conference
LAS VEGAS,
November 14. Too many in the construction
industry are in danger of missing it, Jeff
Slivka, Senior Vice President of New Day
Underwriting Managers LLC told attendees of
the 25th Annual Construction
Insurance Conference. That is, he
explained, too many contractors are missing
the true scope of their environmental
exposure and are not -- either buying
environmental insurance coverage or are
buying inadequate
coverage.
That
disconnect can end up costing contractors
plenty, said Mr. Slivka. "For years the
industry has been scrutinized for not
addressing environmental issues, including
insurance. The good news is the industry
has come a long way in doing so and
purchasing environmental insurance to
properly prepare in the event they had to
finance environmental losses. The
construction industry should be commended
for such advancement.
Mr. Slivka
asks that they take it one step further: If
you are buying the coverage, wouldn't it be
prudent to buy the right coverage?, he
asked. He believes an Environmental Risk
Profile or ERP is any organization's first
step in doing so.
With a
self-audit of a company's environmental risk
exposures, contractors can minimize the
risks that they are off the mark and their
vulnerability to a loss, said Mr. Slivka.
To avoid
it, Mr. Slivka advocated that companies
complete an ERP, which will clearly pinpoint
potential exposures and allow a company's
insurance broker to match their risks with
the most appropriate insurance coverage.
An ERP
uncovers operational exposures, such as
those related to the job site, contracts,
Superfund liability as well as those related
to the products and materials being used in
any given project. Additionally, conducting
such a risk audit will reveal potential
transportation exposures, disposal and
exposures related to company-owned property
or that related to the project
New Day
Underwriting Managers LLC is a resource for
insurance agents and brokers, providing
underwriting services that help them find
appropriate, high-quality environmental and
construction related professional liability
insurance coverages for their clients. The
company offers agents and brokers
single-point access to an ample portfolio of
products and services
provided by the nation's largest
environmental and professional liability
insurance providers. More information about
the company is available on their website at
www.newdayunderwriting.com.
