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The Building BITE: Pain Points and Best Practices; How to Navigate Rectification Claims
Please tune in to this episode of The Building BITE Podcast, as we hear from industry experts about key topics to help you be successful. The Building BITE hosts Chris Epps, LEED AP, and Mike Diercksen, CRIS, welcome our guests Joey Nawa CPCU, RPLU, CRIS, and David Slaugenhoup. Joey is an Executive Vice President and David a Senior Vice President both with RT Specialty in their Environmental & Construction Professional group.
We begin the episode by discussing the various paths of Joey and David within the Insurance Industry which has led them both to decade long careers at RT. David then gives our audience a quick refresher on what exactly Rectification Insurance is, and some best use cases for the coverage. Throughout the discussion Joey and David look to share their expertise as subject matter experts ultimately leaving our audience with three key takeaways.
1. Educate: This is a dynamic policy to have in your portfolio, but one that requires some additional education as the industry continues to embrace this line of coverage. This is not to say that everyone needs to be an expert on Rectification, but proper education throughout the organization from your risk management all the way to the project level will help streamline the claims process and avoid potential pitfalls.
2. Engage: You don’t know what you don’t know. Each carrier has nuances to their policy language, and reporting provisions could vary. Early engagement from the project team and surface level understanding of how your firm’s policy is written could be the difference between a successful or challenging rectification claim.
3. Embrace the Process: Rectification Claims are nuanced and often times a complex process, spanning months and potentially years. Having a collaborative team of vendors and internal support will help streamline the claims process and drive a positive claims resolution.
To learn more about how you can better prepare your firm for the opportunities ahead, listen to our full podcast episode with Joey and David on “Pain Points and Best Practices; How to Navigate Rectification Claims.”
Please like, share, and subscribe to this podcast!
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Please tune in to this episode of The Building BITE Podcast, as we hear from industry experts about key topics to help you be successful. The Building BITE hosts Chris Epps, LEED AP, and Mike Diercksen, CRIS, welcome our guests Joey Nawa CPCU, RPLU, CRIS, and David Slaugenhoup. Joey is an Executive Vice President and David a Senior Vice President both with RT Specialty in their Environmental & Construction Professional group.
We begin the episode by discussing the various paths of Joey and David within the Insurance Industry which has led them both to decade long careers at RT. David then gives our audience a quick refresher on what exactly Rectification Insurance is, and some best use cases for the coverage. Throughout the discussion Joey and David look to share their expertise as subject matter experts ultimately leaving our audience with three key takeaways.
1. Educate: This is a dynamic policy to have in your portfolio, but one that requires some additional education as the industry continues to embrace this line of coverage. This is not to say that everyone needs to be an expert on Rectification, but proper education throughout the organization from your risk management all the way to the project level will help streamline the claims process and avoid potential pitfalls.
2. Engage: You don’t know what you don’t know. Each carrier has nuances to their policy language, and reporting provisions could vary. Early engagement from the project team and surface level understanding of how your firm’s policy is written could be the difference between a successful or challenging rectification claim.
3. Embrace the Process: Rectification Claims are nuanced and often times a complex process, spanning months and potentially years. Having a collaborative team of vendors and internal support will help streamline the claims process and drive a positive claims resolution.
To learn more about how you can better prepare your firm for the opportunities ahead, listen to our full podcast episode with Joey and David on “Pain Points and Best Practices; How to Navigate Rectification Claims.”
Please like, share, and subscribe to this podcast!