Annual Meetings-Issues with the Economy and the Impact on Inland Marine Insurance

Pdf Summary

The document discusses various aspects of Builder's Risk coverage, issues impacting the economy, and the implications on Inland Marine Insurance. Builder's Risk covers the project owner, construction manager, contractors, and subcontractors during construction. It includes the building under construction, temporary structures, property of others, and office trailers. However, it does not cover existing buildings, tools, landscaping, and other specified items. The document also explores the impact of supply chain disruptions, labor shortages, and equipment availability on new construction and claims. It highlights the challenges faced due to high lead times for critical materials, including roofing membrane, insulation, HVAC equipment, and others, affecting project timelines and costs.<br /><br />Moreover, it discusses the Build America, Buy America Act's influence on construction projects, the surge in material costs like lumber, and the rise in equipment prices. The document provides insights into managing labor shortages, higher material costs, and equipment market challenges. It also presents case studies illustrating how policy coverages, including soft costs, rental income, and earnings endorsements, can impact claims and project outcomes. Strategies for navigating labor, material, and equipment issues, such as early release of materials, identifying new sources, and making quick coverage decisions, are also discussed.<br /><br />Overall, the document delves into the complexities of Builder's Risk coverage, the evolving economic landscape, and the need for proactive measures to mitigate risks and ensure successful project outcomes amidst industry challenges.

Asset Caption

Presented by:
Michael R. Schwartz, L.J. Shaw & Company
Lisa Wilson, Bender Solutions
Andrew Hennemuth, J.S. Held

Keywords

Builder's Risk coverage

Inland Marine Insurance

construction insurance

supply chain disruptions

labor shortages

equipment availability

material costs

equipment prices

policy coverages

project outcomes