In This Issue

2014 Market Update

Product Highlight: OPPI

New Day Named Best Place to Work

Best Buddies of PA

Automated Proposal Generator

Risk Tip

Success Stories

Quick Links

Message From The President

New Day Has Moved

Please note our new address:

2465 Kuser Road, Suite 202

Hamilton, NJ 08690

2014 Market Update

The environmental and construction-related professional liability marketplace is constantly changing. New carriers enter the market and others update and/or add new forms. Alternatives for these coverages are increasing dramatically and navigating the market is more difficult than ever. New Day Underwriting Managers continuously monitors and sifts through the changes so that we can effectively and efficiently find optimal solutions to solve our client's risk management challenges. Read our 2014 Market Update, which is a product of New Day's collective knowledge and expertise and provides an overview, key trends and a look at the year ahead for each of our products.

Product Highlight: Owner's Protective Professional Indemnity

With the limited number of carriers offering project professional liability, differences in professional liability insurance from one carrier to the next and the high cost of insuring the design team on a traditional construction project, many owners are now turning to Owner's Protective Professional Indemnity Insurance (OPPI) and Owner's Protective Professional and Excess Contractor's Pollution Liability Insurance (OP3) to insure their exposure associated with design liability and other professional risk when hiring design professionals or design builders. New Day Underwriting Managers can enhance the education of our broker partners with regards to these products and assist them in obtaining the optimal risk management solutions for their insureds. Read more.

New Day Named Top Company to Work For

New Day is pleased to announce our inclusion on the NJBiz list of Best Places to Work in New Jersey for 2014. This is the first time that New Day has been included on this list and we couldn't be more thrilled. Our actual ranking on the list will be announced at an awards celebration to be held on May 1, 2014. We look forward to sharing this number with you in the next issue of the New Day standard.

New Day Sponsors Best Buddies of Pennsylvania

New Day's Tim Farrell is a member of the Best Buddies of Pennsylvania Advisory Board. Best Buddies is a non-profit organization dedicated to creating "opportunities for one-to-one friendships, integrated employment and leadership development for people with intellectual and developmental disabilities (IDD)."

On April 5, 2014, New Day is proud to sponsor the Best Buddies Friendship Walk in which Tim will participate. This walk is a wonderful fundraising opportunity for the organization that has raised over $3 million dollars in the past. This walk "changes lives, as participants walk for inclusion, friendship, leadership, and opportunity."

New Day Launches Automated Proposal Generator

New Day has implemented a new system for our team to generate insurance proposals for our broker partners. This proposal process allows the New Day team to more effectively, efficiently and consistently complete the proposal process. While these proposals have a brand new look and feel, they will continue to guide you in the optimal solution for your client. If you haven't yet seen it, look for it soon and let us know what you think.

Risk Tip

As a project owner, it is imperative to require professional liability (PL) insurance from the construction firm that is hired to design and build your project and over the past year we have seen a substantial increase in the number of owners requiring professional liability insurance. However, many owners still require the PL insurance of the design professional (DP) even though it is a design build project. Even worse, many contractors allow the DP they hire to secure the project PL insurance, thus missing out on the opportunity to secure PL coverage for their professional liability risk in addition to the vicarious liability they maintain when hiring DPs. In our minds when you insure the DP you only insure against design liability. When you insure the design build entity you are truly insuring the entire project against professional liability. So, the next time you are advising your general contractors or design builders, you should explain the cost and benefits of each alternative. It should become obvious which is best for the project and the construction entity.

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. Read more about each by clicking their title.

New Day saves construction firm significant money on project professional liability policy.

New Day provides enhanced coverage to large firm that purchases industrial facilities.

2465 Kuser Road, Suite 202, Hamilton, NJ 08690
Tel: 609 298-3516 Fax: 609 298-6254