real estate roundtable presentation - cary white, nfp

Construction Defect InsuranceChallenges & Opportunities for Developers and

Real Estate Professionals

Cary WhiteVice President

Presented By:

Thoits Insurance Service, Inc.CA License #0243213

160 West Santa Clara \ St., 12th Floor \ San Jose, CA 95113 \ (408) 792-5400

Insurance services provided through Thoits Insurance Service, Inc., an affiliate of National Financial Partners Corp. (NFP). Securities offered through NFP Securities, Inc., Member FINRA/SIPC, a subsidiary of NFP.

Insurance Requirements

expect more

A Lot More!

Cars evolve.Your insurance should evolve too.

Broaden Coverage

Reduce Cost

Simplify Administration

1. What

2. Who

3. When

4. Where

Broaden Coverage

Reduce Cost

1. Time

2. When Premium Fully Earned

3. Premium Basis/Adjustment

4. Deductible Liability

EffortYour

Influence the outcome.

Effort Arm

Resistance ArmFulcrum

Load

Your Insurance

Broker

Your Goals

HarderEasier

1. Anticipate Underwriting Requirements

2. Anticipate Underwriter Binding Conditions

3. Explore Unusual Coverage Combinations

4. Be Specific About Your Expectations

5. Leverage Project Volume

Essentials

Avoid Surprises

1. BEFORE BINDING COVERAGEDemand a COMPLETE specimen copy of each:

o Policy Form

o All Proposed Endorsements

2. Remember there are Three (3) types of coverage in any policy:

o Explicit

o Not Otherwise Excluded

o Exceptions to Exclusions

Be Especially Careful With

1. Renovation Projects

2. Condominium Conversion Projects

3. When Final Use Is Unclear:Apartment or Condominium?

1. Anticipate Lender Requirements

2. Anticipate Design Partner Expectations

3. Anticipate Contractor Expectations

4. Use Technology

Essentials For Harmony

1. Insurance Certificate Administration

2. Wrap Up Administration

3. Deductible Liability

4. Communicating With Stakeholders

5. Organization

Simplify Administration