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Join the New Day Team at IRMI
Construction Risk Conference November 7-10, 2016
New Day is proud to sponsor the 36th IRMI Construction Risk Conference to be held November 7-10, 2016 in Orlando, Florida. We hope that you will join Jeff Lejfer, Jeff Slivka, Tim Farrell, Joe Nawa and Nicole Jeffers as they represent New Day at the conference throughout the week.
This year, Joe Nawa will host the workshop "Creating an Environmental Risk Profile" on Wednesday, November 9th. The session will highlight the steps necessary to create an organization-specific Environmental Risk Profile (ERP), the potential impact of specific exposures, and risk management strategies for averting the potential financial impact of an environmental event. Please join Joe for this informative workshop.
If you would like to schedule a time to meet with us during the conference, please contact us as follows:
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Understanding the "Claims Made" Provision in Professional Liability Policies
Tim Farrell's article recently published in Construction Executive
Professional Liability insurance policies are vastly different and more complex than traditional insurance coverages. However, one common element across all professional liability policies is the "claims made" provision, which requires that claims against the insured be reported during the policy period. In his recently published article titled, " Understanding the 'Claims Made' Provision in Professional Liability Policies," Tim Farrell discusses the difference between these claims made policies and those that are "occurrence" based. Claims notice requirements, incidents/circumstances and more are presented. Read the complete article here and contact your New Day Consultant today for more information.
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New Day Named to INC 5000
3rd Year in a Row
For the third year in a row, New Day Underwriting Managers has been named to the Inc. 5000. This year we ranked #4125. The Inc. 5000, started in 1982, represents the fastest growing privately held companies in the United States. The list ranks companies by overall revenue growth over a three year period.
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Jesilyn Ippolito (left), Lauren Hill (right)
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New Day Welcomes...
Jesilyn Ippolito and Lauren Hill
Please join us in welcoming two new employees to the New Day team. Jesilyn Ippolito, Consultant, and Lauren Hill, Account Manager, have both joined the Construction Group. Please click their names below to learn more. Jesilyn IppolitoLauren Hill
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Risk TipRe-Evaluating Site Exposures on Multi-Year PoliciesBy: Tim Jones, Consultant
Numerous times during business transactions, site pollution or Pollution Legal Liability (PLL) policies are purchased to satisfy a requirement from a lender or clause in a purchase and sale agreement. The majority of these policies are written on multi-year terms with expiration dates three to ten years from the date of the transaction. Often at expiration, insureds may not see the value in renewing the policy as the requirement no longer remains and no claims were ever filed. Parties should be reminded of the following:
- Environmental claims are typically low frequency and high severity; and
- Environmental exposures can change drastically over time as new concerns arise, or regulations change with introductions of new technology and data or administrations
An example would be an acquired property with contamination that was remediated; however during site redevelopment years later, additional or "new" contamination was found in site soil and groundwater. If the PLL policy lapses prior to redevelopment activities, coverage would not apply since the pollution conditions would have been discovered outside of the policy period. Conversely, if the PLL policy was renewed, and coverage was found during redevelopment, coverage would apply under the renewed policy.
We have also seen pollution policies evolve over time, with carriers expanding definitions of pollutants to become more inclusive. Today, brokers should re-evaluate the need for these policy renewals not just based on those original transactional exposures, but also on those exposures that have arisen and are emerging as well.
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Employee Spotlight
Cara Giquinto, Senior Account Manager
Cara Giquinto is a Senior Account Manager in New Day's Real Estate Group. Meet and get to know Cara we sit down for a Q&A session. Read here for a Q&A with Cara.
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New Day News & Views Blog
Industry News, Claims Examples and more
Our blog is updated daily so be sure to subscribe and stay up to date on New Day, carrier, and industry related news. Some of the more recent posts to the New Day blog are highlighted below. Check these out as well as the rest of the blog. Don't miss out.
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New Day SuccessesRecent Placements
Risk Type
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Product Type
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Premium
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Construction
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Expansion of Medical Facilities
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Owner's Protective Professional Indemnity
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$450,000
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Mechanical/HVAC Contractor
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Contractor's Pollution/Professional Liability & Protective Indemnity
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$70,000
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Heavy Highway
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Contractor's Pollution/Professional Liability & Protective Indemnity
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$145,000
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Apartment Complex Construction
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Project-specific Pollution/Professional Liability
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$50,000
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Walkway Canopy Cover Design/Build Contractor
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Practice Contractor's Professional/Pollution Liability
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$25,000
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Interior Remodel of Office Building
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Project-specific Contractor's Pollution Liability
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$10,000
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Major Project General Contractor
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Contractor's Pollution/Professional Liability & Protective Indemnity
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$105,000
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Telecommunication Tower Drilling Contractor
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Contractor's Pollution/Professional Liability & Protective Indemnity
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$85,000
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Owner/Developer: Infrastructure Portion of Major Redevelopment
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Owner's Protective Professional Indemnity
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$50,000
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Design/Build General Contractor
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Contractor's Pollution Liability
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$35,700
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HVAC/Mechanical Contractor
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Contractor's Pollution Liability
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$13,452
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Real Estate
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Hospitality/developer
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Pollution Legal Liability
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$58,000
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Water & Wastewater Treatment Contractor
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General Liability/Contractors Pollution Liability/Professional Liability
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$75,000
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Gas Pipeline Installation
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Pollution Legal Liability
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$75,000
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Development - Large Mixed Use Space - Residential/Retail/Cinema/ Office
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Pollution Legal Liability
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$150,000
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Hazardous Waste Hauler
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General Liability/Contractors Pollution Liability/Professional Liability
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$600,000
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Ready Mix & Concrete Block Mfg.
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General Liability/Pollution Legal Liability and Excess
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$300,000
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Specialty Chemicals/Janitorial Chemicals Manufacturing and Distribution
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General Liability/Pollution Legal Liability and Excess
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$75,000
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Oil & Gas Exploration & Production Company
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Pollution Legal Liability
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$230,000
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Power Company/Electric Cooperative
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Pollution Legal Liability
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$120,000
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Real Estate Redevelopment (Contaminated Property)
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Pollution Legal Liability
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$105,000
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Hotel
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Pollution Legal Liability
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$48,500
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Office
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Pollution Legal Liability
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$49,900
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