Contractors Equipment Boot Camp-Contractors Equipment Boot Camp

Video Transcription

Video Summary

The Inland Marine Underwriters Association held an educational session featuring Eileen Monreale, Gabrielle McCann, John Clark, Dan Fromm, and Josh Shaumburger. Eileen introduced the event, explaining the attendee control panel features and encouraging engagement, with a $25 Amazon gift card as a prize for the most engaged participant.<br /><br />Gabrielle McCann, a senior underwriter at Everest, served as the moderator, expressing gratitude for the opportunity and sharing her background in Inland Marine claims and builder's risk underwriting. Gabrielle emphasized engaging with the audience to understand their background in the insurance industry via polls and encouraged questions throughout the presentations.<br /><br />John Clark from Selective Insurance discussed underwriting contractor's equipment, including the types of equipment, underwriting tools, and rating methods. He shared insights on the profitability of contractors' equipment and the importance of maintaining accurate valuations.<br /><br />Dan Fromm, a senior special investigator with Liberty Mutual, discussed fraudulent activities commonly encountered in insurance claims. He explained the critical aspects of fraud, including intention and false statements, and shared different types of fraud within the industry, along with investigation strategies.<br /><br />Josh Shaumburger from Clark Construction talked about risk management from a contractor's perspective, providing insights into placing coverage and managing claims, particularly focusing on the importance of communication and strategic decision-making in joint ventures.<br /><br />Throughout the event, polls were conducted, and questions from the audience were addressed, exuding an informative and interactive session on underwriting practices, investigation insights, and risk management strategies.

Asset Caption

This class explores risks and trends in contractors equipment insurance. The class is broken down into three topics covered by speakers with diverse expertise.

Topic 1: Underwriting Trends in Contractors Equipment

This session provides a view from the underwriter’s desk on a contractors equipment account and includes the steps that an underwriter undertakes when an account is first submitted. This portion includes details on valuation, loss of use, rental expense, supply chain issues, labor shortage, battery energy storage, market trends, and key exposures.

Presented by: John Clarke, Inland Marine Segment Manager, Selective Insurance Co. of America, Northeast Region & NJ

Topic 2: Claims & Fraud

This session addresses the role and involvement of the Special Investigation Unit (SIU) with inland marine claims/losses including:
- The relationship between SIU, claims, and underwriting,
- The elements of the investigation related to these losses
- The outcome and impact of the SIU investigation on the claims and underwriting

Presented by: Daniel Frome, SIU Investigator, Liberty Mutual Insurance

Topic 3: A Day in the Life of a Construction Risk Manager

This session covers risk management reviews, controls, policy placement, rental procedures, tracking, maintenance, valuation, and operations facing project support, placing insurance, and acquiring finance. This session also discusses highlights and challenges including the new $1B+ Amtrak Frederick Douglass Tunnel (South Approach).

Presented by: Josh Schonberger, Senior Director, Risk Management, Clark Construction Group, LLC

This class is moderated by Gabrielle L. McCann, Senior Underwriter II, Builder’s Risk, Everest

Keywords

Inland Marine Underwriters Association

Eileen Monreale

Gabrielle McCann

John Clark

Dan Fromm

Josh Shaumburger

education session

contractor's equipment

fraud investigation

risk management

insurance claims

underwriting tools

builder's risk

audience engagement

polls