Background
The insurance program covers construction of a 46 story residential tower on the island of Oahu in Hawaii with 635 units and a stand-alone 11 story parking garage. The project volume is $115M with a 36-month schedule.
Project Scope
- Market and placement of General Liability and Excess Liability insurance
- Contractual risk transfer assessment
- Alignment of all contract documents with the insurance program
Challenge/Solution
| Challenge | Solution |
|---|---|
| Differentiating and marketing this residential project to overcome challenges such as latent defect exposures of residential construction and specific laws | With a positive loss history, decided to structure market submission to highlight success to give underwriters better insight into how this submission differed from other residential submissions (history of QC process, unique post construction strategies with better Homeowner Association acceptance, etc.) |
| The “Hawaii Occurrence Definition” endorsement | Relied on our legal experts to do a detailed analysis, negotiate and gain endorsement to the satisfaction of the client |
| Additional endorsements | Continued to negotiate, serve in the best interest of the client and demonstrate commitment to the marketplace to client’s interests |
| Perception of enrolled contractors that due to a residential exclusion, credits would not be required | Relied on our expertise in obtaining insurance credits to verify $488K in credits thus far |
Results
Rather than just put a plan in place, Trans Hudson first identified an approach that was strategic in nature in order to ensure that not just a product was put into place but the necessary service to ensure success and the best outcome for the client, as well. This, along with effective and consistent communication with both client and carrier, proved to be instrumental to a successful outcome. As such, Trans Hudson is now being asked to begin the process for the next residential tower to be built later this year.