ACEC BUSINESS INSURANCE TRUST PROGRAM BENEFITS … · 2019-09-04 · INSURANCE TRUST PROGRAM...

© EDGEWOOD PARTNERS INSURANCE CENTER I CA License 0B29370 I 1

ACEC BUSINESS

INSURANCE TRUST

PROGRAM

BENEFITS

&

ADMINISTRATOR

OVERVIEW

© EDGEWOOD PARTNERS INSURANCE CENTER I CA License 0B29370 I 2© EDGEWOOD PARTNERS INSURANCE CENTER I CA License 0B29370 I 2

ACEC MEMBER

BENEFITS

• Benefits provided by The ACEC BIT Trustees

– Deductible assistance for qualifying firms

• Maximum $1,000 per claim and $10,000 total per year

– Royalty sharing to policyholders

– Contribution to dues for coalition programs

– National and State Member Organization financial support

• Access to an exclusive ACEC BIT Hartford Product


BUSINESS INSURANCE COVERAGE

Professional Liability

Property & General Liability

Workers’ Compensation

Business Auto

Umbrella Liability

Cyber Liability

Executive Risk (D&O, EPLI, Fiduciary, Crime and K&R)

Drone Coverage

Large Firm Program

Personal Lines/Key Person


ACEC BIT REGIONAL TRUSTEES


GREYLING: DESIGNED FOR DESIGN

PROFESSIONALS

• We are the only broker that employs:

– Former general counsels for design firms and attorneys that have represented design firms, contractors, and developers

– Professional Engineers that have managed engineering and construction firms

– Former brownfield developer

– Former professional liability underwriters

– Former paralegal at a large engineering firm


A STRATEGIC PARTNERSHIP WITH

MEANINGFUL ADVICE

• Understanding and negotiating insurance coverage

• Claims consulting, reporting, management, and close relationships with inside and outside counsel

• Prompt and effective risk management advice

• Renewal certificates received by your clients beforerenewal

• A valued relationship that gives your firm a competitive advantage in the industry


DAY-TO-DAY SERVICE BY A TRUSTED TEAM

• Certificates of insurance

– Our clients often write to praise

the level of service

• Contract review (insurability and risk)

• Routine requests handled within 24

hours

(most within 2-3 hrs.)

• Responding to project-specific needs


COMPREHENSIVE & COST EFFECTIVE

COVERAGE

• We benchmark cost, limits, and coverage

• Short-term savings:– Insurance coverage analysis

– Program design

– Program marketing strategy

• Long-term savings:– Claims avoidance and resolution

– Contract review

– Risk analysis

– Training

– Internal procedure development


RESULTS OF RISK MANAGEMENT ADVICE

Premium as a Percentage of Revenue

1.0%

1.2%

1.4%

1.6%

1.8%

2.0%

2.2%

2.4%

2.6%

2.8%

3.0%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

▪ Greyling appointed as broker in 2006

▪ Loss ratio was approaching 300%

▪ Risk management analysis led to

identification of key issues, organizational changes

and training program

▪ Loss ratio is now under 10%

▪ Professional insurance cost is down 59%


HELPING IMPROVE YOUR BUSINESS

• Below is a representative sample of risk management presentations by Greyling to clients in the past 12 months:– Professional Services Contract Clauses 101– Insurance for Architecture and Engineering Firms (Beginner and

Advanced)– Cyber Exposures and Liability Insurance– Mitigation of Construction Technology Risks– Alternative Project Delivery Risk (Design-Build, P3, IPD)– Project Communication: Managing Risk in a Digital World– Project Specific Insurance Writing for Engineers– Insurance Industry Trends– Group Captive Insurance– Covering Foreign Exposures– Drone Liability– Terrorism Exposures and Insurance– Controlling Litigation Costs– Lessons Learned on Stadium and Arena Projects– Big Risks on Small Projects


OUR METRICS FOR A SUCCESSFUL

PARTNERSHIP

One: Understand the exposures and challenges faced by industry firms in order to provide meaningful risk management consulting advice

Two: Help you proactively avoid and manage claims

Three: Design and place an insurance program correctly aligned with your exposures and with industry-leading coverage and price

Four: Provide excellent day-to-day service that exceeds your expectations


PROGRAM KEY CONTACTS

JEFF CONNELLY Program Manager

LEE ANN WHEELER ACEC BIT Client Executive

DAVE COLLINGS Managing Principal

KENT W. COLLIER, J.D., CRISClient Executive

BOB STAED, Jr., J.D. Principal

GREGG BUNDSCHUH, J.D. Managing Principal

CHARLIE GEER, P.E. Senior Vice President

[email protected] 833.ACECBIT (833.223.2248) ACECBIT.ORG

ACEC BUSINESS INSURANCE TRUST PROGRAM BENEFITS … · 2019-09-04 · INSURANCE TRUST PROGRAM...

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