RT Specialty Senior Executives Address Environmental & Construction-Related Liability & Insurance Trends at 42nd IRMI Construction Risk Conference
Hamilton, NJ, December 08, 2022 --(PR.com)-- Jeff Slivka, the President of RT Specialty’s Environmental and Construction Professional Practice (RT ECP), headed a trio of RT ECP presenters, who addressed the latest industry-related exposures, liability and risk management trends at the 42nd IRMI Construction Risk Conference held at The Cosmopolitan Hotel in Las Vegas, Nevada.
During his presentation titled "Insuring Environmental Risks on Large Infrastructure Projects," Slivka reviewed the traditional environmental exposures and upcoming liability issues likely to be encountered by developers, public entities and contractors in the coming year. According to Slivka, “We were greatly impressed with the overall optimism expressed by this year’s attendees. This interest was based on the strong backlog of projects contractors are continuing to experience and the activities likely to start based on the introduction of the new $1.2 Trillion Infrastructure Bill.
“In response, the marketplace has already started to create environmental insurance products designed to protect owners, contractors and related stakeholders from the exposures they may encounter during the course of these projects. This includes the new policy forms that are rapidly evolving to cover the potential pollution issues commonly associated with the building of transportation projects and water distribution networks as well as the wide range of civil engineering projects likely to launch in the very near future.”
David M. Slaugenhoup, a vice president at RT ECP, then offered his thoughts on the following day when he addressed the increased risks of Perfluoroalkyl Substances (“PFAS”) and Perfluorooctanoic Acid (“PFOA”) chemicals during his session titled "PFASten Your Seatbelts for the Ever-Changing Regulations."
“Contractors nationwide are becoming increasingly concerned about the health and environmental issues surrounding these ‘forever chemicals’ as well as the ever-growing legislation governing the retroactive cleanup of landfills and Superfund sites,” explained Slaugenhoup. “Given that PFAS is here to stay and there is no way to easily remediate their challenges, we spent the remainder of the session stressing the importance of due diligence and the benefit of having the proper risk management solutions in place before the job begins.”
On the event’s final day, Joseph Reynolds, an RT ECP senior vice president, then spoke about the professional liability exposures that are inherent to many trade projects during the panel titled "Trading in Risk: Navigating Increased Professional Exposures in the Trades."
“Throughout the conference, we connected with new and existing retail insurance brokers, who are concerned about the scenarios that are increasingly exposing contractors to professional liability,” added Reynolds. “Many contractors wrongfully believe they’re not responsible for design-related errors if they are not directly performing these services or that general liability policies will cover the issues if they should arise.
“Unfortunately, in many instances, neither is true. Contractors are increasingly finding that their general liability policies are not designed to cover the professional risks or economic damages associated with anything from the pure design of projects to value engineering, pre-construction services and product recommendations. As a result, the rest of our discussion focused on the growing benefit for professional liability policies and risk management solutions that address the damages arising from the professional acts, errors, and omissions performed by or on behalf of trade contractors. This includes the rectification of design errors that could otherwise lead to third-party claims, costly delays and potentially crippling financial outcomes.”
For more information on the 42nd IRMI Construction Risk Conference, please visit https://www.irmi.com/conferences/construction-risk-conference. Additional RT ECP details are available at rtspecialty.com or by calling 609-298-3516.
About RT Environmental & Construction Professional
RT Environmental and Construction Professional (RT ECP) is a part of the RT Specialty division of RSG Specialty, LLC, a Delaware limited liability company based in Illinois. RSG Specialty, LLC, is a subsidiary of Ryan Specialty, LLC. RT ECP provides wholesale insurance brokerage and other services to agents and brokers. RT ECP does not solicit insurance from the public. Some products may only be available in certain states, and some products may only be available from surplus lines insurers. In California: RSG Specialty Insurance Services, LLC (License # 0G97516). © 2022 Ryan Specialty, LLC
During his presentation titled "Insuring Environmental Risks on Large Infrastructure Projects," Slivka reviewed the traditional environmental exposures and upcoming liability issues likely to be encountered by developers, public entities and contractors in the coming year. According to Slivka, “We were greatly impressed with the overall optimism expressed by this year’s attendees. This interest was based on the strong backlog of projects contractors are continuing to experience and the activities likely to start based on the introduction of the new $1.2 Trillion Infrastructure Bill.
“In response, the marketplace has already started to create environmental insurance products designed to protect owners, contractors and related stakeholders from the exposures they may encounter during the course of these projects. This includes the new policy forms that are rapidly evolving to cover the potential pollution issues commonly associated with the building of transportation projects and water distribution networks as well as the wide range of civil engineering projects likely to launch in the very near future.”
David M. Slaugenhoup, a vice president at RT ECP, then offered his thoughts on the following day when he addressed the increased risks of Perfluoroalkyl Substances (“PFAS”) and Perfluorooctanoic Acid (“PFOA”) chemicals during his session titled "PFASten Your Seatbelts for the Ever-Changing Regulations."
“Contractors nationwide are becoming increasingly concerned about the health and environmental issues surrounding these ‘forever chemicals’ as well as the ever-growing legislation governing the retroactive cleanup of landfills and Superfund sites,” explained Slaugenhoup. “Given that PFAS is here to stay and there is no way to easily remediate their challenges, we spent the remainder of the session stressing the importance of due diligence and the benefit of having the proper risk management solutions in place before the job begins.”
On the event’s final day, Joseph Reynolds, an RT ECP senior vice president, then spoke about the professional liability exposures that are inherent to many trade projects during the panel titled "Trading in Risk: Navigating Increased Professional Exposures in the Trades."
“Throughout the conference, we connected with new and existing retail insurance brokers, who are concerned about the scenarios that are increasingly exposing contractors to professional liability,” added Reynolds. “Many contractors wrongfully believe they’re not responsible for design-related errors if they are not directly performing these services or that general liability policies will cover the issues if they should arise.
“Unfortunately, in many instances, neither is true. Contractors are increasingly finding that their general liability policies are not designed to cover the professional risks or economic damages associated with anything from the pure design of projects to value engineering, pre-construction services and product recommendations. As a result, the rest of our discussion focused on the growing benefit for professional liability policies and risk management solutions that address the damages arising from the professional acts, errors, and omissions performed by or on behalf of trade contractors. This includes the rectification of design errors that could otherwise lead to third-party claims, costly delays and potentially crippling financial outcomes.”
For more information on the 42nd IRMI Construction Risk Conference, please visit https://www.irmi.com/conferences/construction-risk-conference. Additional RT ECP details are available at rtspecialty.com or by calling 609-298-3516.
About RT Environmental & Construction Professional
RT Environmental and Construction Professional (RT ECP) is a part of the RT Specialty division of RSG Specialty, LLC, a Delaware limited liability company based in Illinois. RSG Specialty, LLC, is a subsidiary of Ryan Specialty, LLC. RT ECP provides wholesale insurance brokerage and other services to agents and brokers. RT ECP does not solicit insurance from the public. Some products may only be available in certain states, and some products may only be available from surplus lines insurers. In California: RSG Specialty Insurance Services, LLC (License # 0G97516). © 2022 Ryan Specialty, LLC
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RT Environmental & Construction Professional Practice
Sheryl Barr
609-528-3884
Sheryl Barr
609-528-3884
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