Podcast: The Building BITE
Season 3 Episode 9: "Accelerating Change in the Marketplace: The Evolution of Builders Risk Coverage"
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 Tyler James, Regional Vice President of Construction Property Midwest.
We begin the episode by discussing Tyler’s professional career, where he quickly realized corporate finance was not for him, and instead chose the path of insurance. Tyler digs in on the evolving marketplace where things are no longer the status quo, but a unique blend of opportunity and evolution. We break the discussion down to four main areas of growth, project size, materials, scope, and occupancy. Tyler leads us through these topics and imparts his 3 main takeaways for our audience.
- Transparency Is King: It is so important to have true collaboration between carrier and insured, and transparency is vital to this. As Tyler states, he has never seen a carrier punish their insureds for sharing more information with them; it often leads to better understanding and preferred outcomes for all parties.
- Understanding The “Why”: Tyler always tells his team to try to understand the “why”. When the underwriters are brought up to speed and understand the needs of the insureds, it allows them to better understand the project details and write more comprehensive policies.
- Don’t Be Afraid To Pick Up The Phone: One of the best resources that insureds have is their broker and carrier, who typically have a wealth of experience for projects just like theirs. Tyler recommends insureds look to engage their brokers and carriers in a proactive way so that they can talk through any sticking points and collaborate on a resolution that will provide maximum satisfaction for all parties.
To learn more about how you can better prepare your firm for the opportunities ahead, listen to our full podcast episode with Tyler on “Accelerating Change in the Marketplace: The Evolution of Builders Risk Coverage”
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Connect with Tyler James
View Zurich’s website at Zurich North America
Connect with Chris Epps
Connect with Mike Diercksen