Below is a collection of important news and reports vital to protecting your company from risk.
Please check back frequently to stay abreast of all the current industry news..
THE RISK AND REWARD OF REAL ESTATE
This by-invitation event will look at the relationship between risk and reward, and how to obtain more of the latter!
A high level panel will examine the risk issues related to real estate and construction:
- Abby Krueger of Licata Risk Advisors
- Peter McGlynn of law firm Bernkopf Goodm
- John McCarthy of accounting firm Marcum
The panel discussion will be moderated by Frank Licata.
Some of the items on the agenda:
- Is indemnification the most important contract item now?
- Property valuations – different methods for different purposes
- Using the right entity for tax and liability
- Get an inside edge on insurance rating and underwriting
- Construction accidents in the news – the causes and steps to take
- Using risk management for competitive advantage
Join a group of fellow CEOs, CFOs, developers and contractors to hear the latest in real estate and construction risk management, and to relax with bites and cocktails along with stunning views from the BC Club.
Wednesday, June 22nd 4- 6:00 PM
Cocktails from 6 to 7:30
The Boston College Club – 100 Federal Street, 36th Floor, Boston, Massachusetts
Seating is limited – by invitation
Please RSVP with Brent Trethewey at:
Real estate and construction company principals are invited to join us on June 22 in Boston for an analysis of risk vs reward – how to protect and preserve your company while gaining growth and market share.
The program, to be done in conjunction with law firm Bernkopf Goodman and accounting firm Marcum, will begin late afternoon and will conclude with a cocktail reception. The venue will be the Boston College Club, 100 Federal St.
Please check back for additional details, or call Brent Trethewey at (617) 312-7289.
Coverage in an insurance policy: is it known and agreed upon by the insured at time of issuance?’
The premium due on a policy is known and agreed.
A more important question is whether the coverage in the policy is known and agreed?
The answer to that question is ‘not always’.
A case in point involves use of what is known as a ‘protective safeguards’ endorsement. This is form that insurers use when they want to be able to walk away from a loss when the client does not have ‘up and running’, prior to loss, specific safeguards such as automatic sprinkler systems.
We are involved in a case in which the broker proposed coverage to a client to include a protective safeguards endorsement, applicable to automatic sprinkler systems and fire losses at ALL of the client’s properties in the policy. Unfortunately only A FEW of the properties were sprinklered. Moreover, both the client and broker were not aware that such a provision was in the policy until we pointed it out.
Would a loss have been covered if it occurred at one of the unsprinklered properties? It would likely need to be sorted out between client, broker and insurer in a costly legal battle.
The only way you know your coverage is to read and understand the language.
— Bob Allaire, RAllaire@LicataRisk.com