Understanding Contractors Equipment-Understanding Contractors Equipment

Video Transcription

Video Summary

The video discusses the specialized business of tunnel boring, involving creating tunnels for infrastructure projects using various equipment. Underwriters need to gather detailed information to understand project scope and risks associated with tunnel construction. When underwriting contractor's equipment policies, considerations for different types of equipment, maintenance, operator experience, and risk mitigation are crucial. It's important to be aware of location exposures, weather-related risks, and coverage exclusions. Understanding policy forms, coverages, exclusions, leased equipment, and required coverage extensions is vital. The video also covers topics like coverage exclusions, equipment valuation, loss prevention, and claims handling, emphasizing risk management practices and resources like the National Equipment Register for effective assessment. Two participants were selected as gift card winners for active participation, offering valuable insights for underwriters in the field of contractors' equipment insurance.

Asset Caption

Date of Publication: March 7, 2023
Duration: 3.5 hours

This major inland marine line includes a wide variety of equipment types and significant exposures. The class is geared to those relatively new to contractors equipment and serves as an excellent refresher for the more experienced industry professionals.

Presented by:
Kacy Davis, AU, Senior Inland Marine Underwriter, Starr Insurance Companies
Jason Baynard, Vice President of Underwriting, NBIS

Meta Tag

Module Understanding Contractors Equipment

Keywords

tunnel boring

infrastructure projects

underwriting

contractor's equipment

risk mitigation

location exposures

weather-related risks

coverage exclusions

policy forms

leased equipment

coverage extensions

equipment valuation

loss prevention

claims handling

risk management