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Module Two

Module Two. Organizational risks, property development & construction risk management. Topics covered. Package policy for the CDC office Construction risk management Management liability Employee dishonesty Risk management with certificates and additional insured endorsements.

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Module Two

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  1. Module Two Organizational risks, property development & construction risk management

  2. Topics covered • Package policy for the CDC office • Construction risk management • Management liability • Employee dishonesty • Risk management with certificates and additional insured endorsements

  3. Questions posed • Insurance Needs analysis • Financial Remedies • Financial Guarantees • Directors & Officers, EPLI • Valuation, deductibles, SIR’s

  4. Exposing property Layout of the property hydrant sign Office Laundry & water heaters dumpster 25 units 25 units parking fence No elevators Playground

  5. INSURANCE NEEDS ANALYSIS 1 • What insurance needs does the CDC have? • What risk management opportunities are present? (answers)

  6. FINANCIAL REMEDIES 2 • Property insurance • Construction phase • Completed work • Liability • Insured(s) • Limits • Exclusions • Conditions • Endorsements • Contractual obligations: hold harmless, insurance requirements, penalties/fines, specifications • Bond requirements • Court System

  7. FINANCIAL GUARANTEES 3 • What type of bonds could apply for the CDC? • What type of bonds could apply for the subcontractors? NON-INSURANCE versus "RISK TRANSFER" (via work agreement, complemented by insurance coverage)

  8. MANAGEMENT LIABILITY, EMPLOYMENT 4 An authorized board member secures bids, hires and supervises responsible contractors … yet injuries and damage have both occurred at the job site and fingers are being pointed in every direction … • What insurance coverage is needed to reimburse the CDC (and board of the CDC) for defense expenses? • What insurance coverage pays for the injury losses and damage during and after construction? • What could the CDC do to prevent a similar loss in the future? • What if that CDC board member is alleged to have unlawfully fired an employee?

  9. VALUATION & DEDUCTIBLES, SIR's 5 • What deductibles apply for each of the above coverages? (per loss? per building? time element? liability SIR?) (definition)

  10. RESOURCES ~ sample case • Description • Introduction to the scenario • Case study Q & A • Six questions, linked to answers and discussion of concepts • Analysis • Three-way view of possible risk management solutions • Insurance placement challenges • Use this section to check for understanding • Builders risk exposures • Exposures for the directors and officers, and those working on their behalf as volunteers and employees

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