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 Bret Bush, Co-Founder and EVP at Insight Risk. We begin the episode by discussing Bret’s professional career, where he had great exposure to the Construction Insurance Industry while working as a broker, a GC, and now as a carrier/tech. partner. We then discuss the journey that led Bret to Insight Risk, and the water mitigation technology that he and his team have created. Bret then shares some of his experience within the technology and Builders Risk Market where he leaves our audience with the following takeaways: 1. Get Ahead of Mandates: Simply put, the construction industry is looking at future legislation that will make some of these technologies mandatory and critical to your success. Look to jump ahead of your competition and explore these new technologies as an early adopter rather than a reluctant one. 2. Find a Partner: It is far easier to go down this path when you have a partner, so don’t be afraid to reach out to your vendor/broker partners who could help you identify technology programs that would benefit you and your team. By utilizing this partnership, you can draw from greater experience, and leverage industry knowledge to help you be successful. 3. Try Different Technologies: There are so many different tools and systems out there right now and it’s best not to put all your eggs in one basket. Do your homework and be sure to share your experience with your risk management team. This should lead you to becoming a better more self-aware insured which if communicated effectively to your broker and carrier partners could help you achieve better policy language and reduced premiums. To learn more about how you can better prepare your firm for the opportunities ahead, listen to our full podcast episode with Bret on “Technology, Driving Change in Underwriting” Please like, share, and subscribe to this podcast! Links: Connect with Bret Bush View Insight Risk’s website at Insight Risk Connect with Chris Epps Connect with Mike Diercksen

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 Ted Way, SVP at Gallagher. We begin the episode by discussing Ted’s professional career, where he had great exposure to the Insurance Industry through his father who worked in a regional brokerage. Realizing he had more to learn within insurance, Ted left the brokerage and went to work as an underwriter before he ultimately found himself at Gallaghers Construction Group in 2017. Ted then shares some of his experience within the Builders Risk Market where he leaves our audience with the following takeaways: 1. Budget Early and Budget Often: Underwriting construction projects is a fluid process and relies on a variety of factors. Don’t let your budget remain stagnant when it comes to insurance. By regularly updating the budget and updating your project details, you provide the most accurate and updated information for underwriting which will enable you to receive the best possible coverage. 2. Be Precise with your Insurance Program: With Builders Risk Coverage in particular, there is an exact formula for how coverage is calculated (Total Insurable Value X Number of days). It is important to fully understand your project needs and to deploy your coverage appropriately. Starting coverage too soon or leaving it longer than necessary can significantly impact your margins, while not having coverage in place leaves your project exposed to significant risk. 3. Challenges or Opportunities: Rather than viewing the current market as a challenge, take this opportunity to connect the project team with risk management and redefine your risk mitigation process. Getting out ahead and presenting to the Insurance Market your new proactive controls in place can help change the conversation with the carrier, leading to better conversations and a more fruitful partnership. To learn more about how you can better prepare your firm for the opportunities ahead, listen to our full podcast episode with Ted on “Overcoming Market Challenges Within Builders Risk” Please like, share, and subscribe to this podcast!

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 Daniel Fulcher, Account Executive Director of Construction Services at Travelers. We begin the episode by discussing Daniel’s professional career, where he came up through the ranks in the Surety Space specifically in the Carolinas. Roughly four and a half years ago Damiel joined the Travelers team tasked with developing PLI or “Project Loss Insurance” taking it from concept to market. It is certainly exciting times for the new product, and with that Daniel can leave our audience with some unique take aways with regards to this new line of insurance: 1. Don’t Allow Yourself To Become Numb To Risk: We are all human and it is natural to get comfortable when things are going well. It is important to always keep yourself honest and fight the urge to look through some rose-colored glasses when things are going your way. 2. Project Loss Insurance Is A Resource: Like many other types of risk mitigation, Project Loss Insurance is a resource available to the market to hedge against catastrophic risk. It is best to understand all sorts of risk mitigation strategies to see what fits you and your firms needs. 3. No Such Thing As A Get Out Of Jail Free Card: Like any line of insurance, you would be ill advised to think of it as a get out of jail free card. However, nobody is perfect, and claims are a reality in the construction industry. Creating a strong partnership with your carriers to better understand your risks and develop a strategy can act as the backstop you need to avoid catastrophic loss. To learn more about how you can better prepare your firm for the opportunities ahead, listen to our full podcast episode with Daniel on “Project Loss Insurance, what it covers and how to best utilize it” Please like, share, and subscribe to this podcast!

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 Ryan Famularo, Head of Growth at Procore Risk Advisors. We begin the episode by discussing Ryan’s professional career, where he had great exposure to the Construction Industry through AGC or the Association of General Contractors. Ryan joined Procore a little over 6 years ago and has not looked back, as he and the team developed a new path for the tech giant through insurance and risk management. Without giving away the secret sauce, Ryan is able to leave our audience with some unique take aways with regards to data aggregation and their trail blazing approach to the insurance market: 1. Leverage Your Historical Data: If you are not currently utilizing your historical data, then you are doing yourself a disservice. Firms that are using historical data are better equipped to present themselves and their best practices, removing the guesswork for the underwriters and enhancing their position in the marketplace. Bottom line, you need to leverage your data to improve your business. 2. Viewing Insurance as a Business Advantage: Many firms view insurance as a necessity and a standard process where the results are final; however, this may not be to your advantage. By taking a second look internally and utilizing your historical data you can leverage past experience to receive better terms and rates while selecting your insurance. This practice will ultimately grow your bottom line and provide a more tailored approach to your insurance needs. To learn more about how you can better prepare your firm for the opportunities ahead, listen to our full podcast episode with Ryan on “Illuminating the Construction Insurance Market Through Data Aggregation” Please like, share, and subscribe to this podcast!

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, welcome Adam Stark, Co-Founder of Jet.Build. Our episode begins with Adam walking us through his career from serving in the military to joining the Construction industry. Looking for a way to streamline his systems and noticing that the challenges he faced were industry wide, Adam teamed up with his fellow Co-Founder Joseph Shua-Haim to launch Jet.Build. Adam takes us on a quick tour of the platform while helping to note all the key stakeholders who shared a role in shaping the current system. When it comes to streamlining your integration strategy, Adam leaves us with these three takeaways. 1. Company Culture Surrounding Innovation: Search internally to identify the company values or potential blind spots when it comes to technology integration. There are quality solutions out there but buy in from the top down is a key element to successful integration. 2. How To Automate Your Day to Day: Speak with your team to learn about their day to day functions. Chances are that a technology is out there that can help automate some of these tasks enabling your team to be more efficient and focused on the big picture rather than being bogged down with tedious tasks. 3. Industry Specific Tech Does Not Have to Be Complicated: It is important to recognize that there are solutions out there today that are cost effective and geared towards easy integration. Much like the cell phone we all have in our personal and professional life, there are technologies available that are intuitive and do not require significant lift to get up and running. To learn more about the Jet.Build platform and was to simplify our technology adaption, listen to our full podcast episode with Adam on “Simplifying Construction Technology Integration” Please like, share, and subscribe to this podcast!

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, welcome Jeff Caudill, CRIS, VP of Risk Management at The Haskell Company. We begin the episode by discussing Jeff’s path from working with Toyota, and getting his feet wet in the insurance space, to eventually landing in the construction industry, bringing him to The Haskell Company. Jeff has been in the insurance space for 20-30 years now and ultimately made the move to bring The Haskell Company into a Single Parent Captive. As always, we look to provide our audience with three key takeaways and best practices and Jeff did not disappoint: 1. Patience: This is not a quick 30-day process, rather it could and should take up to 6 months. In that time, you should look to get comfortable with those who you are working with and make sure you do your homework. 2. Educate Yourself: There are plenty of pros but certainly some cons when it comes to forming a Single Parent Captive. The Best way to ultimately determine what makes the most sense for you and your firm is to really dig into the details and figure out where you can be successful. Once you do your homework and have a solid idea of what you want to accomplish you are ready to take the next step. 3. Just Do It: There are plenty of people who are afraid to take that first step but honestly what do you have to lose? I think if you are curious about captives, the best thing you can do is to dive in and learn as much as possible; you have nothing but positives to gain from exploring your options. To learn more about how you can explore Single Parent Captives to better prepare your firm for the challenges ahead, listen to our full podcast episode with Jeff on “Maximizing the return on a Single Parent Captive” Please like, share, and subscribe to this podcast!

Podcast: The Building BITE Episode: September 2023 U.S. Construction Outlook 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 Chief Economist for the Associated General Contractors of America of AGC, Ken Simonson. Throughout the episode, Ken dives into AGC’s latest construction outlook and addresses hot topics in today’s climate, including the labor force, wages, and bid pricing. Ken dives into several compelling statistics throughout the episode, including what he believes will be the trend to look out for as we head into 2024. To learn more about Ken’s latest construction report, listen to our full podcast episode with Ken Simonson. Please like, share, and subscribe to this podcast! Links: Connect with Ken on LinkedIn View AGC’s website at https://www.agc.org/ Connect with Chris Epps Connect with Mike Diercksen

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. 1. 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. 2. 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. 3. 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” Please like, share, and subscribe to this podcast!

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 Michael Pepe, Northeast Managing Partner of Saxe Doernberger & Vita, P.C. We begin the episode by discussing Michael’s path as a Construction Litigator and how he ultimately landed as the Northeast Managing Partner at Saxe Doernberger & Vita, P.C. Michael offers a wide array of experience and has unique insights into what makes Insureds successful when it comes to appropriately leveraging their insurance policies. Michael walks us through his best practices while explaining how insureds can use their policy to maintain project cashflow. 1. Understand your Coverage: This could mean working with Brokers or Internal Counsel depending on your firm. It is important to utilize all the resources at your disposal so that you can properly leverage your coverage. Most likely, the project team who will be triggering this coverage is not an insurance expert, this is an easy way to leverage existing experience and mitigate future issues. 2. Be Mindful of Notice Provisions: It is not enough to just know your coverage and what it would cover, a key component is the “when”. You need to understand your notice provisions as they will be the roadmap to properly executing a claim. Identifying the correct time to provide notice and when to bring in the carrier or outside help can be what makes or breaks a successful claim. 3. Train Project Teams for when Escalation is Necessary: You don’t know what you don’t know. As a Risk Manager or Internal Counsel, you need to prepare your project teams with instructions so that you are alerted to potential claims. Even the best process will fall short if the project team is unaware of their role and responsibility to elevate the notice internally. By providing this instruction, you are helping to remove the guess work for your team and maximize your timeline to assess and evaluate potential claims. To learn more about how you can better prepare your firm for the challenges ahead, listen to our full podcast episode with Michael on “How Your Insurance Policy Can Help Maintain Project Cashflow” Please like, share, and subscribe to this podcast!

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 our panel Jake Concannon, VP at Gallagher, Kristen Weber, SDI Underwriting Officer at Liberty Mutual, and Inga Mackereth, Corporate Insurance Manager at Hourigan Construction. We begin the episode by welcoming back our panel to the show, and encouraging our audience to check out their previous episodes on the podcast. Our guests waste no time breaking down what is identified as our three stages of a successful partnership - Implementation, Management, and Claims. From there, we get into greater detail on the nuances of making this partnership work when the panel discusses their top 3 takeaways from the experience: 1. Set a Goal: This is not a simple process, but it is important to have some internal goals and begin establishing open lines of communication with your broker and senior management. By establishing your goals for the program and displaying a commitment to the partnership necessary to achieve them, you will be well on your way to building out a successful program. 2. Take Every Opportunity to Engage: Everyone is busy and it can feel like there is not enough time in the day to get to everything. That said, when a industry partner is asking to connect and come see a jobsite, that is their way of showing interest and wanting to take that first step in building a meaningful professional relationship. Taking the time to engage early on helps build that rapport which will pay dividends down the road. 3. Engage Operations: Take time to engage with the operations and field teams within your organization. These people are serious builders and may or may not fully understand the insurance and risk management portion of the business as it is not part of their day-to-day work. That said, by engaging with these men and women you will have the opportunity to see where there may be a lapse in communication, and opportunity to provide additional training internally. To learn more about how you can collaborate and strengthen your industry partnerships, listen to our full podcast episode with our panel on “Successful Collaboration in the Construction Insurance Space” Please like, share, and subscribe to this podcast!