Soft Costs in Builders Risk Insurance: Navigating Coverage and Expenses-Soft Costs in Builders Risk Insurance: Navigating Coverage and Expenses

Video Transcription

Video Summary

Thank you for joining the virtual class on "Soft Costs in Builder's Risk Insurance: Navigating Coverage and Expenses," hosted by the Marine Underwriters Association. The session was led by Eileen Monreale, with support from Lillian Coulson and Ali Monreale. The class, attended by over 300 professionals from underwriting, claims, reinsurance, and brokerage, aimed to clarify the challenging and often misunderstood area of soft costs in builder's risk insurance. Presenters included Aubrey Shea, Vicki Hartman, Sean Crawley, and Randy McGinnis, each bringing extensive experience from various facets of the insurance industry.<br /><br />Aubrey Shea emphasized the detailed analysis required for claims related to soft costs, distinguishing between hard and soft costs, and understanding the delay periods and documentation needed for claims. Vicki Hartman outlined the evolution of builders' risk policies and the importance of clearly defined roles and coverages to avoid disputes. The session included interactive question-and-answer segments and case studies to illustrate common issues and solutions in real-world scenarios.<br /><br />The presentation also highlighted the importance of collaboration and communication among all parties involved in a construction project. This includes precise definition of soft costs in insurance policies, recognizing the overlapping interests of owners, contractors, and insurers, and the necessity of timely and accurate claims processing.<br /><br />Attendees were encouraged to participate actively, with a $25 Amazon gift card offered to the most engaged participant. The session concluded with a call for ongoing dialogue and possibly follow-up sessions to continue exploring this complex insurance topic. This educational effort underscores the commitment to enhancing industry understanding and improving coverage clarity in builders' risk insurance policies.

Asset Caption

In this virtual class, four industry leaders with diverse expertise on the topic discuss the most misunderstood Builders Risk coverage: Soft Costs.

This presentation includes:
- Definitions and examples including hard costs vs soft costs
- The importance of itemizing soft cost expenses in the builders’ risk submission
- Considerations for optimal underwriting submissions and necessary claim documentation
- Emerging issues in the market
- Case studies
- Moderated Panel Discussion

Presented By:

Vicky Hartman CPCU AMIM CPIW CRIS
Underwriting Manager II – U.S. Builders Risk
Ironshore

Randy McGinnis
Vice President
Flood and Peterson

Shawn M. Crawley
Chief Operating Officer, Claims North America
Sompo

Aubrey Shea
Executive Vice President, Forensic Accounting Insurance Services Practice Lead
J.S. Held LLC

Keywords

Soft Costs

Builder's Risk Insurance

Marine Underwriters Association

Eileen Monreale

Lillian Coulson

Ali Monreale

Aubrey Shea

Vicki Hartman

Sean Crawley

Randy McGinnis

Claims Analysis

Policy Evolution

Construction Project

Insurance Coverage

Industry Understanding