Podcast: The Building BITE
Season 2 Episode 17: A Construction Outlook in 2022, With a Deeper Dive into Builders Risk
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 host Mike Diercksen, CRIS, welcomes Paul Primavera (EVP), Matt Goss (SVP, Strategic Lead), and Tom Hester (SVP) of Lockton Companies.
We start our episode with Paul Primavera as he discusses the recent 2022 Construction Design & Outlook Report. With some critical advice and areas to focus on, Paul transitions to a focus on Builders Risk, where we are introduced to Matt and Tom. From there, Matt and Tom provides us with some background on themselves and the unique opportunity they had to recognize an area of need and develop a great program to benefit their insureds.
While discussing today’s topic, Matt and Tom leave our listeners with some excellent takeaways regarding Builders Risk and some innovative solutions to the problems currently facing the market:
- Need to get ahead of development strategy: A lot of what we are seeing is directly correlated to the Real Estate Boom, and it tells us that Developers are poised with robust pipelines right now. Now more than ever, we advise our clients to take the time to analyze the different risks concerning their target projects and get ahead of potential issues.
- Control: With the market currently dealing with a wide array of issues due to inflation, it’s imperative to control internal processes and stay ahead of the curve. Working with your broker to leverage existing relationships within the market may provide the financial stability needed to maintain projects and avoid bringing in outside parties late in the game.
- Need to align the risk to actual coverage: We know clients want to keep moving forward and build, but it is essential to periodically pump the breaks to ensure we align risk with coverage. By identifying your project risk accurately, we can avoid potential oversights in coverage that might hurt the balance sheet later in the project in case of a claim.
To learn more about how you can better prepare your firm for the challenges ahead, listen to our full podcast episode with Paul, Matt, and Tom, “A Construction Outlook in 2022, with a Deeper Dive into Builders Risk.”
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