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Risk Tip - Limitation of Liability Clauses
 Believe it or not, and even in today's construction industry, we come across many construction firms who either don't recognize limitation of liability (LOL) provisions in contracts with design professionals they hire or don't realize the impact they can have on the organization and the organization's contractor's professional liability insurance program. Where enforceable (varies by state and contract by contract), these clauses can cap the liability of the design professional to an amount equivalent to their fee, insurance proceeds or a specified amount. Obviously, resulting damages/liability could easily exceed any agreed upon amount. In addition, those firms that secure contractor's protective coverage could easily void their protective coverage and recovery should that LOL amount be less than the actual damages they incurred as a result of the negligent act, error or omission of the design professional. Read more for this quarter's tips to help avoid such situations. |
New Day Takes On New York City
The New Day team spent a fabulous day in New York City on March 14th in celebration of our 7th anniversary and our recent successes. Our jam packed agenda included a memorable and reflective visit to the 9/11 Memorial and a matinee of the spectacular Broadway musical Memphis. Many thanks go out to everyone with whom we work for allowing us to enjoy this special day. A slide show of the day's events can be viewed here. |
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New Day Joins Association of General Contractors
 New Day's Bob Connor has recently joined the Oklahoma Chapter of the Association of General Contractors (AGC), an organization that "serves our nation's construction professionals by promoting the skill, integrity and responsibility of those who build America." Bob plans to be an active member in the organization, attending meetings and offering "lunch and learns" to chapter members to increase their knowledge of contractor's professional liability and environmental exposures. |
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Product Highlight - Contractor's Professional Liability
In the past two years the marketplace for Contractor's Professional Liability insurance (CPrL) has changed substantially - new carriers have entered the market, new coverages have been created, and new exposures have been identified. As a result, proper customization of your construction client's CPrL program has become an even greater challenge. This is a task, however, that New Day Underwriting Managers has the expertise to make easier and significantly less challenging! Read more. |
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Looking for Contractor's Professional Liability Claims?
 The previous article presented an overview of New Day's contractor's professional liability product. As such, it seems appropriate to offer examples of claims or situations in which this type of insurance may be helpful in alleviating the potential risks that contractor's face on a daily basis. New's Day blog is a great resource for brokers to do just that. Read more. |
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Success Stories
New Day often likes to share success stories to demonstrate our expertise in negotiating policies for our broker partners including reduced premium, increased coverage terms, or possibly different coverages than what were previously held by an insured but really necessary in presenting a truly optimal solution to meeting their risk management needs. This quarter, we discuss two success stories. Read more about each by clicking their title.
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