Real Estate Roundtable Presentation - Cary White, NFP

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Construction Defect Insurance: Challenges & Opportunities for Developers and Real Estate Professionals - Real Estate Roundtable Presentation from October 10, 2013 - Cary White, NFP P&C

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Real Estate Roundtable Presentation - Cary White, NFP

  1. 1. Construction Defect Insurance Challenges & Opportunities for Developers and Real Estate Professionals Presented By: Cary White Vice President 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.
  2. 2. Insurance Requirements expect more A Lot More!
  3. 3. Cars evolve. Your insurance should evolve too.
  4. 4. Broaden Coverage Reduce Cost Simplify Administration
  5. 5. Broaden Coverage 1. What 2. Who 3. When 4. Where
  6. 6. Reduce Cost 1. Time 2. When Premium Fully Earned 3. Premium Basis/Adjustment 4. Deductible Liability
  7. 7. Influence the outcome. Your Effort Your Load Goals Effort Arm Resistance Arm Easier Fulcrum Your Insurance Broker Harder
  8. 8. Essentials 1. Anticipate Underwriting Requirements 2. Anticipate Underwriter Binding Conditions 3. Explore Unusual Coverage Combinations 4. Be Specific About Your Expectations 5. Leverage Project Volume
  9. 9. Avoid Surprises 1. BEFORE BINDING COVERAGE Demand 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
  10. 10. Be Especially Careful With 1. Renovation Projects 2. Condominium Conversion Projects 3. When Final Use Is Unclear: Apartment or Condominium?
  11. 11. Essentials For Harmony 1. Anticipate Lender Requirements 2. Anticipate Design Partner Expectations 3. Anticipate Contractor Expectations 4. Use Technology
  12. 12. Simplify Administration 1. Insurance Certificate Administration 2. Wrap Up Administration 3. Deductible Liability 4. Communicating With Stakeholders 5. Organization

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