Insurance Essentials for Precast Industry Professionals-Insurance Essentials for Precast Industry Professionals Webinar

Video Transcription

Video Summary

In the PCI webinar on "Insurance Essentials for Precast Industry Professionals," Gary Semmer and Justin Schneider presented insights on navigating insurance complexities within the precast industry. They addressed key insurance elements like workers' compensation and general liability, emphasizing the importance of endorsements such as waivers of subrogation and additional insured provisions.<br /><br />The presenters highlighted ongoing and completed operations coverage, specifying that updated forms from organizations like ISO refine these coverages. They urged industry professionals to confirm that their coverage meets contract requirements to avoid breach of contract issues due to coverage discrepancies.<br /><br />For professional liability, the speakers explained the significance of ensuring coverage extends to the statute of repose, a crucial factor when projects span multiple years or face claims post-completion. They also discussed builders risk, installation floaters, and pollution liability, underscoring how critical it is to verify coverage continuity, especially for design-build projects.<br /><br />The session cautioned about potential coverage pitfalls like insufficient or inconsistent endorsements, urging collaboration with insurance brokers to tailor policies to business needs and contract demands. Additionally, Semmer and Schneider mentioned the flow-down clauses that transfer insurance requirements from general contractors to subcontractors, ensuring comprehensive coverage across all project levels.<br /><br />Attendees were encouraged to leverage resources such as COIs (Certificates of Insurance) and to maintain dialogue with their brokers for compliance assurance. The presentation concluded with a Q&A, addressing questions about the nuances of care custody control endorsements compared to material installation floaters, emphasizing their distinct roles in risk management.

Keywords

precast industry

insurance essentials

workers' compensation

general liability

professional liability

builders risk

endorsements

coverage continuity

flow-down clauses

risk management