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The Building BITE: Rectification 101: Rectification Done Right
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 James Pappas, VP, Construction Professional Liability at Convex US.
We begin the episode by learning about James and his unique career progression, as someone who chose to study risk management & insurance in college before beginning his career. James went on to become an underwriter with AXA XL where he focused on Contractors Professional Liability for several years before leaving for his current role at Convex US. Through this conversation, James helps our audience better understand what Rectification Coverage is, and how to best utilize the insurance, leaving us with three key takeaways.
1. Pick Your Partner Carefully: When it comes to selecting an insurance carrier, make sure you choose a carrier partner who is committed to creating best practices for you and your firm. Having a strong team that can help educate and guide your firm is critical when creating a plan of action both for the project and legal teams.
2. Report Report Report: One of the biggest pitfalls that plagues insureds is a lack of timely reporting. Be sure to communicate early and often with your carrier and provide notice per policy guidelines. Early notice that does not result in claims is never a bad thing and should be viewed as a positive within the carrier insured relationship.
3. Importance of Prequalification: With a growing market, it is imperative that insureds do their homework when it comes to selecting their subcontractors and design partners. While Rectification Insurance is an important tool for contractors, the first step towards risk mitigation is selecting your partners carefully to avoid untimely delays and design errors on projects.
To learn more about how you can better prepare your firm for the opportunities ahead, listen to our full podcast episode with James on “Rectification 101: Rectification Done Right.”
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 James Pappas, VP, Construction Professional Liability at Convex US.
We begin the episode by learning about James and his unique career progression, as someone who chose to study risk management & insurance in college before beginning his career. James went on to become an underwriter with AXA XL where he focused on Contractors Professional Liability for several years before leaving for his current role at Convex US. Through this conversation, James helps our audience better understand what Rectification Coverage is, and how to best utilize the insurance, leaving us with three key takeaways.
1. Pick Your Partner Carefully: When it comes to selecting an insurance carrier, make sure you choose a carrier partner who is committed to creating best practices for you and your firm. Having a strong team that can help educate and guide your firm is critical when creating a plan of action both for the project and legal teams.
2. Report Report Report: One of the biggest pitfalls that plagues insureds is a lack of timely reporting. Be sure to communicate early and often with your carrier and provide notice per policy guidelines. Early notice that does not result in claims is never a bad thing and should be viewed as a positive within the carrier insured relationship.
3. Importance of Prequalification: With a growing market, it is imperative that insureds do their homework when it comes to selecting their subcontractors and design partners. While Rectification Insurance is an important tool for contractors, the first step towards risk mitigation is selecting your partners carefully to avoid untimely delays and design errors on projects.
To learn more about how you can better prepare your firm for the opportunities ahead, listen to our full podcast episode with James on “Rectification 101: Rectification Done Right.”
Please like, share, and subscribe to this podcast!