Bonded Builders Risk Management. SM Bonded Builders Warranty Group Bonded Builders Insurance Services Protecting Home Builders for over 20 years
Bonded Builders Risk SM Management n A combined risk management concept of insurance and warranty products coupled with services tailored to residential home builders and their homeowner clients – – – Bonded Builders Warranty Group Bonded Builders Insurance Services Bonded Builders Education Service
What are the known “risks” facing Home Builders today? n n n n Unsold inventory Fixed expenses – People – Warranty Commitment Diminishing home/lot value Increased materials costs Decrease in quality of materials Scarcity of loans Inadequate insurance coverages
What are the unknown “risks” facing Home Builders today? n A neighbor gets hurt on job site n A painter burns the house down n A major piece of rental equipment is destroyed n A framer uses wet lumber n A backlog in roofing paper delays project
What is the ultimate “risk” facing Home Builders today? Construction Defect Litigation?
Construction Defect Litigation – The Risks • Post-closing claims arising from construction defects and faulty workmanship – Real – Alleged • Poor or Lack of Completed Operations defense from Contractors General Liability (CGL)
SOLUTION: Bonded Builders Insurance Service Both Proactive and Reactive n Proactive Solution: – Third-Party Express Warranty n Reactive Solution: – Contractor General Liability Insurance
Managing Construction Defect Litigation n Proactive: – Combined CGL and Third-Party Warranty – Non insurance risk transfer n Reactive: – Traditional insurance
Bonded Builders Insurance Services SM Our Protection Plus n n Program: A combined program including: contractor general liability structural warranty sub-contractor agreements supported by education and training seminars Express Written Warranty: n n n Sets expectations Defines responsibilities Controls homeowner disputes Contractor General Liability: n Obtain solid tort liability protection Builder Contracts / Agreements: n Establish your goals and expectations – subcomtractors and homeowner Education Seminars n Centered around relevant builder issues Protection Plus SM Mitigate Potential Coverage Gaps Define Warranty Terms/Conditions Outline Dispute Procedures Detours Litigation Educate Through Training Seminars
Bonded Builders Insurance Services Protection Plus Program SM Program Requirements Warranty: – Builder Contract w/ Warranty Disclosures – Acknowledgement Form Insurance: n Sub-Contractor Management – Minimum Insurance Requirements – Executed Sub-Contractor Agreements
Bonded Builders Risk Management Bonded Builders Warranty Group (BBWG) Warranty Products: n Provide the builder with the advantages of an express written warranty contract between the builder and homeowner n Set clear construction standards and expectations for the builder and homeowner n Establish a highly effective process for resolving disputes between the builder and homeowner
Bonded Builders Insurance Services What are the benefits of Protection Plus. SM Program? n Drives an Express Written Warranty that disclaims implied warranties n Establishes contractual performance standards, expectations and responsibilities for the builder and homeowner regarding their new home and/or remodel n Creates a contractual process that settles disputes via alternative methods that favor conciliation, mediation and arbitration over costly litigation n Sets builders with the contractual means to deflect construction defect litigation to the warranty dispute resolution process and not the CGL policy n Provides targeted marketing and advertising tools to enhance new home sales
For additional information including submission requirements, please contact: David Broyles John Hubbard x 3018 Vice President of Marketing x 3820 Director of Business Development Toll-free 1 -800 -749 -0381 www. Bonded. Builders. com Insurance, warranty and risk management provided by member companies of Bankers Financial Corporation. The description in this presentation does not include all terms, exclusions and conditions in the policy and/or document and is not intended to be relied upon by potential insureds and/or buildermembers. Please contact Bonded Builders or your insurance agent for a complete description of the scope and limitations of coverages/services.
Скачать презентацию Bonded Builders Risk Management SM Bonded Builders Warranty
b462503e4a8b13ce127ad37682f6f273.ppt