The New Option. Visibly Different. Owner Controlled Insurance Programs
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1 The New Option. Visibly Different. Owner Controlled Insurance Programs Airport Council International (ACI) San Diego 15 January 2015
2 SESSION PRESENTERS Jim Holobaugh Senior Vice President Construction Services Group Alliant Insurance Services, Inc. 333 S. Hope Street, Suite 3750 Los Angeles, CA T: M: Josh Schultz Vice President/Program Manager Construction Services Group Alliant Insurance Services, Inc. 100 Pine Street San Francisco, CA T: M:
3 AGENDA Owner Controlled Insurance Programs Fundamentals Owner Controlled Insurance Programs Financial Models Single Project OCIP vs. Multiple Project Pooled OCIP CSAC EIA Market Update New Indemnity Statutes Questions? 3
4 What is an OCIP? 4
5 WHAT IS AN OCIP? Traditional vs. OCIP Traditional Insurance Approach Multiple Insurers Inadequate Limits Potential Gaps in Coverage Potentially Uninsured Subcontractors Cross Litigation Between Contractors Indemnity Issues (CA SB 474 Etc.) OCIP Program Control Cost Reduction Competitive Advantage Higher Coverage Limits Consistent Coverage Across Contractors Coordinated Claims Minimize Cross Litigation/Subrogation Allows for a Larger Qualified Contractor Pool 5
6 Employer s Liability Worker s Compensation Builder s Risk Contractors Pollution Liability Pollution Legal Liability Professional Liability/ Errors & Omissions Owner Protective Professional Liability WRAP-UPS Coverages Core OCIP Coverage Additional Coverage Excess Liability $50 - $200 Million Excess Follow Form Excess Liability General Liability $2 M Combined Single Limit $4 M General Aggregate $4 M Products/Completed Ops Aggregate $2 M Personal/ Advertising Injury CPL PLL E&O OPPI 6
7 Maximum Savings WRAP-UPS Financial Model Cost of Traditional Insurance OCIP Max Cost Loss Sensitive Program Minimum Savings Typical Savings (0.5% - 1.2%) of Construction Cost Cost Avoidance Claims OCIP Min Cost Fixed Expenses (Insurance, Excess, Administration) 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Loss Ratio 7
8 PRO FORMA Sample Traditional Insurance Costs - OCIP Costs - Losses = Savings PROJECT(S) Construction Value $ 350,000,000 Payroll $ 70,000,000 20% INSURANCE REVENUE/COST AVOIDANCE PREMIUM % OF CV Owner Charge or Contractor Credits -WC/GL/XS $ 9,625, % CCIP PROGRAM COSTS MINIMUM LOSS AGGREGATE MAXIMUM OCIP Program Costs $ 4,525,000 $ 4,900,000 $ 9,425, % 1.40% 2.69% LOSSES PROGRAM COSTS PLUS LOSSES INSURANCE CREDITS PROGRAM SAVINGS % OF CV 0% $ - $ 4,525,000 $ 9,625,000 $ 5,100, % 10% $ 490,000 $ 5,015,000 $ 9,625,000 $ 4,610, % 20% $ 980,000 $ 5,505,000 $ 9,625,000 $ 4,120, % 30% $ 1,470,000 $ 5,995,000 $ 9,625,000 $ 3,630, % 40% $ 1,960,000 $ 6,485,000 $ 9,625,000 $ 3,140, % 50% $ 2,450,000 $ 6,975,000 $ 9,625,000 $ 2,650, % 60% $ 2,940,000 $ 7,465,000 $ 9,625,000 $ 2,160, % 70% $ 3,430,000 $ 7,955,000 $ 9,625,000 $ 1,670, % 80% $ 3,920,000 $ 8,445,000 $ 9,625,000 $ 1,180, % 90% $ 4,410,000 $ 8,935,000 $ 9,625,000 $ 690, % 100% $ 4,900,000 $ 9,425,000 $ 9,625,000 $ 200, % 8
9 WRAP-UPS Cost Savings Options Net Bid Insurance Add Alternate Bid Credit Tracking Subcontractor Bids Without Insurance (Bid Accepted) Insurance Cost Identified & Reviewed (Bid Adjusted) Subcontractor Bids With Insurance Included (Bid Adjusted) Savings Estimated Savings Identified Up-Front (Not adjusted by project end) All Insurance Costs Identified and Removed 9
10 INDIVIDUAL OR POOLED? What is in your project pipeline? How important is separating premiums/ savings/ losses by project? What priorities are driving your decision to go OCIP? Carrier Appetite Owner s Priorities Admin. Costs Savings? Better Protection? DBE/MBE/WBE Goals? 10
11 OCIP OR CCIP? Owner Builds Projects Frequently Rolling OCIP Rolling CCIP OCIP Small Projects $5M $100M Large Projects Rolling CCIP OCIP CCIP Owner Builds Projects Infrequently 11
12 GL ONLY WRAPS VS. COMBINED GL/WC WRAPS GL Only WC/GL Small Residential Small Non-residential Fewer Statute Challenges Often Protection Driven Solution to GL Residential Exclusions Large Residential Large Non-residential Greater Savings Doing a GL-only on a Large Project Prevents the GC from Implementing a CCIP 12
13 A COMPARISON OF STRENGTHS Standalone OCIP Larger projects have higher predictability of OCIP savings, often between.5% & 1.5% Larger projects will be more attractive to underwriters better rates Larger projects will have many efficiencies due to economy of scale OCIP premiums, losses, and other expenses can be easily tied to project budget and funding GC may be known ahead of OCIP placement which could allow carriers to develop greater comfort with GC s ability to reduce losses through safety, and sound construction practices Pooled OCIP Allows Owner to secure higher limits for smaller projects and smaller contractors than would normally be available Benefits DBE/MBE/WBE by leveling insurance playing field between bidders Smaller projects my present significant GL exposures due to less isolation from the public A pooled OCIP can be vehicle for bringing more effective safety, loss control, and claims management practices to smaller projects 13
14 Coverage OCIP VS. CCIP OCIP Cost Owner receives maximum financial benefit Owner posts collateral and pays premiums CCIP GC receives maximum financial benefit Contractor posts collateral and pays premiums Same coverage terms Same coverage terms Limits Dedicated program limits Limits can be dedicated or shared Claims Owner controls claims for completed operations period Broker provides claims advocacy Admin. / Program Setup Other projects Owner sets insurance requirements and assembles underwriting data Owner monitors program progress Owner can include multiple projects in its OCIP program through a rolling OCIP General contractor controls claims for completed operations period GC manages contractor insurance requirements and program administration Other projects cannot be included in the same program unless the same GC is utilized 14
15 CSAC-EIA OCIP Program Structure 15
16 MARKET UPDATE Key Wrap-Up Markets Carrier Carrier Primary Rating GL/WC Excess OPPI ACE A+ XV X X AIG A XV X X ARCH A+ IX X X AWAC A XV X X Catlin A XV X Endurance A XV X Great American A XIII X Hartford A XV X Liberty A XV X Old Republic A IX X Starr A XV X XL A XV X X Zurich A+ XV X X X 16
17 MARKET UPDATE Coverage Worker s Compensation Primary GL Excess Builder s Risk OPPI Contractors Pollution State of Market Regional Variations Will Be Significant Rates are up in many states, with significant variation from state to state. Increased claims activity during the last few years, including product related issues, has caused a contraction in capacity and yielded increases in rates and retentions. The issue is compounded by new legislation in some states. Excess capacity for OCIPs specifically has been shrinking over the last year. We anticipate rate increases. Markets continue to be aggressive and rates, with or without CAT, are flat to down 10%. Capacity readily available for most regions of the country. Lower cost alternate to Project Professional. Rates are flat and in some cases decreasing. XL in talks to acquire Catlin. The market is benefiting from increased competition of many new entrants and expanded offerings from existing carriers, resulting in expanded coverage terms (i.e. occurrence mold), reduced premiums (up to 30-40% in the past 3-4 years) and specialized coverage offerings. 17
18 WORKERS COMPENSATION RATES 2014 Oregon Workers Compensation Premium Rate Ranking Summary Made publically available by Oregon State s Department of Consumer and Business Services at 18
19 INDEMNIFICATION Contractual Risk Transfer Hold Harmless / Indemnification a written agreement that requires one party to assume responsibility for another party. Language generally includes a requirement that one party agrees to defend, indemnify and hold harmless another party. Contract may also require that the indemnified party be named an additional insured
20 INDEMNIFICATION Overview Type I indemnity provisions require indemnitors to indemnify indemnitee from any loss sustained by indemnitee regardless of negligence. Type II indemnity provisions require indemnitors to indemnify indemnitee from any loss sustained by indemnitee even when indemnitee has passive negligence (not active). Type III indemnity, otherwise known as a general indemnity clause, requires indemnity only where the negligence was caused actively by the indemnitor
21 Anti-Indemnity Laws Laws prohibiting Type I Indemnity Clauses in construction contracts are becoming increasingly more common. General Contractors will feel the most impact. Insurance-related litigation and associated costs will likely increase. The language in existing model contracts will have to be modified. CA SB 474 is one example - this bill does not apply to Controlled Insurance Programs (OCIPS, CCIPS or any Wrap-Up like program)
22 STATES BARRING IDEMNITY Indemnitee Sole Fault Alabama Alaska Arizona Arkansas California Georgia Hawaii Idaho Indiana Maryland Massachusetts Michigan New Jersey South Carolina South Dakota Tennessee Virginia West Virginia 2 22
23 STATES BARRING IDEMNITY Indemnitee Sole or Partial Fault Arizona California Colorado Connecticut Delaware Florida Illinois Iowa Kansas Kentucky Louisiana Minnesota Mississippi Montana Nebraska New Hampshire New Mexico New York North Carolina Ohio Oklahoma Oregon Rhode Island Texas Utah Washington 23 23
24 Questions?
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