Now that I have your attention, let's talk about something that should have the hairs on the back of your neck standing at attention!!
On October 12, there was a major collapse of a building under construction in New Orleans. According to a news report by John Simerman of The Times-Picayune, “The concrete floors that gave way on Oct. 12 atop the Hard Rock Hotel as it rose above Canal Street were poured into a different kind and size of metal decking than what the city's permitting office had approved for the project, according to documents and several sources.
Whether engineers accounted for that change in their plans for supporting those floors during construction may be a key factor during the investigation into the source of the deadly collapse, sources said."
Now I harken back to my days as an agent- I never had the privilege of writing any coverage or related policies to the size and extent of a hotel but some of the readers here may have... but most likely, you were like me and worked with projects on a much smaller scale. Maybe you insured the contractor? The building owner? The potential tenant? Whatever way you look at it, such a collapse is no doubt devastating to all involved especially if there are injuries.
Are you educated and experienced to handle such an account? How about someone in your agency? Are you a Principal of the agency that writes such accounts? Or do you write just one? What exposure do you have? Certainly the premium/revenue associated with this size of an account is attractive. What about the E+O exposure if you or your producer did something wrong? Or missed a key coverage component?
We have some upcoming webinars that I think you'll find very interesting, timely and helpful…check them out...
Webinar: Commercial Additional Insured Endorsements Status & Purpose
Webinar: Construction Contracts: What the Insurance Agent Should Know