IRMI Workshop Highlights Latest Contractors Professional Liability Exposures & Insurance Options

							IRMI Workshop Highlights Latest Contractors Professional Liability Exposures
& Insurance Options

Jeff Slivka of New Day Underwriting Managers Leads Expert Panel Discussion on the Risks
Associated with New Digital Technologies, LEED and Sustainable Initiatives

Bordentown, NJ, December 13, 2012 --(PR.com)-- Hundreds of insurance professionals attending the
highly successful forum on “Contractors Professional Liability Insurance - A Visit with Underwriters” at
the 32nd IRMI Construction Risk Conference in Orlando, Florida were recently rewarded with the expert
insights of leading risk management executives discussing the latest exposures and insurance options
confronting today's construction marketplace.

Hosted by Jeff Slivka, ARM, CRIS, chief operating officer and executive vice president at New Day
Underwriting Managers LLC, the session, which was held twice during the course of the event to
accommodate the large attendee interest, provided an interactive, informative discussion between senior
professionals on the dramatically expanding trends and variations in contractors protective and
rectification/mitigation of damages coverage. Also participating in the event were:

Raymond F. Bustamante, Director - Contractors Professional Liability, Catlin Insurance Company
David Grigg, Profit Center Head - Construction Professional, XL Insurance
Marty Andrejko, National Underwriting Director - Professional Liability, Zurich Construction

“Contractors of all types are now facing an increasing array of new professional liability issues based on
the challenges produced from the use of new digital technologies like Building Information Modeling
(BIM) and the growing demand of owners to achieve faster and cheaper results that include measurable
green goals,” says Slivka. “Consequently, these exposures, which range from scheduling and sequencing
errors to the mismanagement of subcontractors, can easily cripple firms with unwanted liability.

“This panel provided an ideal forum for helping contractors to manage these risks through a better
understanding of the proper coverages available. This includes options such as Contractor's Professional
Liability or CPrL insurance and its ability to mitigate the damages arising from the negligent acts and/or
errors in services produced by third parties working on behalf of the construction firm or named insured.
Another benefit is that these policies can now also be written to address the exposures associated with
LEED and other sustainable initiatives as well as building information modeling.”

During their discussion, the panel recommended the avoidance of contracts guaranteeing a specific LEED
or efficiency level. This is because contractors can find themselves without coverage even under a CPrL
policy for claims resulting from a lower level of certification than was agreed upon with owners.

Other expert advice from the panel included:

-Concern over warranties since many insurers now include exclusions in CPrL programs and policies
-Adding protective indemnity coverage and mitigation of loss (MOL) coverage parts to the base CPrL

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product to protect contractors responsible to owners in design/build situations
-Seeking educated and experienced risk management counseling to ensure the proper levels of CPrL
coverage for all projects

About New Day Underwriting Managers LLC
New Day Underwriting Managers LLC is a specialty resource for agents and brokers, assisting them and
their clients find appropriate, high-quality environmental and construction-related professional liability
insurance coverages. 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.




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Contact Information:
New Day Underwriting Managers
William Chelak
732-541-2971
Contact via Email
www.newdayunderwriting.com


Online Version of Press Release:
You can read the online version of this press release at: http://www.pr.com/press-release/461304




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