(l-r) Rob Barrack, Maureen Hannon, and Augusto Russell discuss insurance and risk transfer at the recent Connecticut Building Congress program.
Hamden, CT – The Connecticut Building Congress kicked off its 2015-16 program schedule recently with a lively discussion pertaining to liability insurance and risk management.
The panel consisted of Rob Barrack, an attorney with Robinson & Cole; Maureen Hannon, director of commercial insurance underwriting at Acadia Insurance’s Connecticut office; and Augusto Russell, principal at the insurance agency firm May, Bonee & Walsh, Inc.
Barrack opened the discussion with a brief overview of the liability issues facing the different parties involved in a construction project, including the owner, general contractors, and any subcontractors working on the job. The discussion included recent Connecticut cases that illustrated the need for robust insurance protection, not only for any bodily injury or property damage situations, but for costly legal representation, an important feature included in most insurance contracts.
Russell discussed the insurance agent or broker’s vital role in securing insurance protection that best meets the needs of the parties in a construction project. “We need to take the time to meet with our clients, to gain a comprehensive overview of their operations,” he said.
Hannon was able to share the insurance company’s perspective from the inside. “We have to rely on the applications we receive from brokers and customers, so the information has to be thorough.”
The panel also discussed the importance of using more-effective contracts between the different parties on a construction project. Spelling out insurance requirements for each of the parties, as well as additional insured wording, is more important than ever.
The CBC will hold its next program on November 10 at The Marquee, Gershon Fox Ballroom in Hartford. Learn from state leaders about upcoming projects and initiatives from UConn, the Connecticut Department of Administrative Services, and the department of Energy and Environmental Protection.
