Mitigating Loss in Builders Risk Through Subrogation-Mitigating Loss in Builders Risk Through Subrogation

Video Transcription

Video Summary

The Inland Marine Underwriters Association hosted a webinar moderated by Eileen Monreale, focusing on subrogation in builder's risk insurance. The webinar featured presentations by Fiona Dujourn and Kevin DeGarmo, who are experts in the insurance industry. The agenda covered the importance of subrogation as a revenue stream, the process, and unique considerations in builder's risks subrogation, such as the roles of claims adjusters, budgeting, expert selection, and contractual obligations.<br /><br />Subrogation is a legal practice where an insurer seeks recovery from a responsible third party after paying a policyholder’s claim. This practice not only serves as a revenue stream but also as a marketing differentiator, impacting customer satisfaction and insurance loss ratios.<br /><br />Builder's risk insurance covers contractors, builders, and property owners against risks during construction. Specific projects can range from energy facilities to schools and offices. The subrogation process involves recognizing potential recovery from third parties, timely referral to specialized departments, and managing detailed investigations, often with multiple experts and legal coordination.<br /><br />The webinar highlighted the challenges posed by standard contractual waivers and indemnifications common in construction projects, often included in AIA contracts. Discussions included how subrogation against additional insureds might be possible under certain conditions, emphasizing the importance of early expert involvement and collaborative efforts with underwriters, risk managers, and legal counsel.<br /><br />Interaction during the webinar was encouraged, with a $25 Amazon gift card offered to the most engaged attendee, emphasizing the value of participation in learning effectively.

Asset Caption

Builders risk subrogation investigation involves several critical steps, from the initial assessment of the loss to the recovery of funds from liable third parties. The process requires a coordinated effort among claims adjusters, legal counsel, underwriters, and other stakeholders. The presenters provide a comprehensive overview of what this process entails in an engaging, deep dive into Mitigating Loss in Builders Risk Through Subrogation to increase profitability.

Presented by:
Fiona Dhurjon
Claim Director, Subrogation, SIU, Salvage
Intact Insurance Specialty

Kevin DeGarmo
Claims, Subrogation Manager
Ascot Group

Keywords

Inland Marine Underwriters Association

webinar

subrogation

builder's risk insurance

Eileen Monreale

Fiona Dujourn

Kevin DeGarmo

insurance industry

claims adjusters

contractual obligations

AIA contracts

legal coordination

risk management