Podcast: The Building BITE
Episode: 9 Steps to Managing Subcontractor Default Risk
Welcome to The Building BITE Podcast— a podcast for construction Owners, Contractors and Insurance professionals. We focus on building information modeling, insurance and technology to help you be successful, and we do it via the experts. Hosts Peter Duggan, President and CEO of Proactive, and Proactive’s Senior Consultant Mike Diercksen are joined today by guest Jim Budwell to dive into the topic of insurance.
Jim is the Director of Subcontractor Default Insurance Risk Management at Construction Risk Partners. He begins the episode by giving listeners a look into his background in the field. After graduating from Drexel University with a degree in engineering, he went into a claims consultant role at a commercial construction space, utilizing his background to fulfill a wide array of roles. In 2007 he joined the world of insurance which ultimately led him to CRP. He estimates to have seen around 500 subcontractor default insurance claims in his career.
Today Jim has brought with the 9 Step Program in relation to mitigating Subcontractor Default Risk developed by CRP. These steps are:
- Communicate efficiently
- Escalate accordingly
- Identify and assess conflicts
- Discuss strategy and develop a strategic plan
- Pause and take account of where the project is
- Bring in more support
- Set up a cost code
- Define the mitigation plan
- Adhere to the game plan
The three core takeaways from the plan are:
- Identify an issue as early as possible then escalate accordingly
- Ask for help and create a think tank for brainstorming solutions
- Maintain communication
Learn more about Proactive by visiting their website.
Connect with Jim Budwell.
Learn more about CRP by visiting their website.
Connect with Peter Duggan.
Connect with Mike Diercksen.