Establishing PML With A Focus On Builders Risk-Establishing PML With A Focus On Builders Risk

Video Transcription

Video Summary

In today's webinar, Sharon and Mark discussed various topics related to establishing probable maximum loss (PML) with a focus on Builder's Risk. They covered red flags that can affect PML on losses, how Builder's Risk affects PML, trends in the construction industry, tips for handling Builder's Risk claims, and insights on determining the extent of damage. They also delved into emerging construction materials and methods such as mass timber, 3D printing, and modular construction, as well as the impact of new technologies like drones, BIM, and digital twins. Additionally, they addressed the evolving role of underwriters with the implementation of big data, predictive analysis, AI, and machine learning in the industry. They emphasized the importance of collecting data to ascertain risks, the use of property condition assessments, and the potential for AI and technology to streamline underwriting processes and create a more sustainable construction industry.

Asset Caption

Date of Publication: September 13, 2022
Duration: 84 minutes

Probable Maximum Loss (PML) is a property loss control term referring to the maximum loss expected at a given location in the event of a fire/total loss at that location, expressed in dollars or as a percentage of total values. This webinar will demonstrate how underwriters must analyze the builders risk project through its various construction phases. The project values and time expected to complete the project will involve variables unique to the project including developing PML, the idea of foresight over hindsight with PML, and current issues impacting PML.

Meta Tag

Module Builders Risk, Installation & Rigging

Keywords

webinar

Sharon

Mark

probable maximum loss

PML

Builder's Risk

red flags

construction industry trends

Builder's Risk claims

damage extent determination

emerging construction materials

new technologies impact