real estate roundtable presentation - cary white, nfp
DESCRIPTION
Construction Defect Insurance: Challenges & Opportunities for Developers and Real Estate Professionals - Real Estate Roundtable Presentation from October 10, 2013 - Cary White, NFP P&CTRANSCRIPT
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Construction Defect InsuranceChallenges & Opportunities for Developers and
Real Estate Professionals
Cary WhiteVice President
Presented By:
Thoits Insurance Service, Inc.CA License #0243213
160 West Santa Clara \ St., 12th Floor \ San Jose, CA 95113 \ (408) 792-5400
Insurance services provided through Thoits Insurance Service, Inc., an affiliate of National Financial Partners Corp. (NFP). Securities offered through NFP Securities, Inc., Member FINRA/SIPC, a subsidiary of NFP.
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Insurance Requirements
expect more
A Lot More!
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Cars evolve.Your insurance should evolve too.
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Broaden Coverage
Reduce Cost
Simplify Administration
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1. What
2. Who
3. When
4. Where
Broaden Coverage
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Reduce Cost
1. Time
2. When Premium Fully Earned
3. Premium Basis/Adjustment
4. Deductible Liability
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EffortYour
Influence the outcome.
Effort Arm
Resistance ArmFulcrum
Load
Your Insurance
Broker
Your Goals
HarderEasier
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1. Anticipate Underwriting Requirements
2. Anticipate Underwriter Binding Conditions
3. Explore Unusual Coverage Combinations
4. Be Specific About Your Expectations
5. Leverage Project Volume
Essentials
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Avoid Surprises
1. BEFORE BINDING COVERAGEDemand a COMPLETE specimen copy of each:
o Policy Form
o All Proposed Endorsements
2. Remember there are Three (3) types of coverage in any policy:
o Explicit
o Not Otherwise Excluded
o Exceptions to Exclusions
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Be Especially Careful With
1. Renovation Projects
2. Condominium Conversion Projects
3. When Final Use Is Unclear:Apartment or Condominium?
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1. Anticipate Lender Requirements
2. Anticipate Design Partner Expectations
3. Anticipate Contractor Expectations
4. Use Technology
Essentials For Harmony
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1. Insurance Certificate Administration
2. Wrap Up Administration
3. Deductible Liability
4. Communicating With Stakeholders
5. Organization
Simplify Administration