REAL ESTATE INDUSTRY SESSION IND010
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2 REAL ESTATE INDUSTRY SESSION IND010 Speakers: Gregg Woodman, Risk Manager, istar Financial Inc. Lori Agee, AVP, Risk Management, Duke Realty Corporation Tony Tatum, Attorney, King & Spalding LLP Alice Edwards, Managing Director, PricewaterhouseCoopers LLP
3 Learning Objectives At the end of this session, you will: At the end of this session, you will: Receive and share insight into others best practices Receive Network and with share your real insight estate into peers others best practices Audience We want to participation know who you is required are Network with your real estate peers We want to know who you are Stay abreast of the latest industry topics using lessons learned Fictitious case study
4 Real Estate Risk Managers Roundtable Estate Risk Managers Real Created in Atlanta and includes 13 companies Meet quarterly to discuss a variety of topics Created in Atlanta and includes 13 companies Meet quarterly to discuss a variety of topics Previously meet with Zurich Real Estate Group Session with outside counsel to discuss indemnification, AI status, construction Consultant recently spoke about broker RFP s
5 Voodoo Property Corp plans mix use project in French Quarter. Buys Voodoo land and Property enters into Corp JV agreement plans mix with use partner. project in French Quarter. Buys Residential land and enters Component into JV agreement with partner. Residential Component Two 25 story condo towers, each with 250 units, attached parking deck
6 Development of the Project Become involved in selection of General Contractor & Architect Become involved in selection of General Contractor & Architect Require specific insurance information in the bid packages Loss history Current insurance programs and copies of actual policies Possible draft of insurance and indemnification language Request bid costs to include and exclude their insurance costs Does GC have bond program?
7 GC & Design Team Contract Issues
8 Are you dealing with a box checker or insurance professional? Are you dealing with a box checker or insurance professional? Does your insurance program mirror the loan requirements? Get involved in the negotiations Use environmental reports, PML studies, and loss history to your advantage
9 Coverage Decisions Liability Coverage: Traditional, OCIP, CCIP, GL Wrap Obtain quotes for OCIP & Owners Interest coverage Coverage and pricing go hand in hand If in NY, understand the New York Labor Laws and prepare for sticker shock Builders Risk Review construction budgets to determine hard & soft costs Include Cat perils and evaluate deductibles Endorsements for Delay & Start Up, Mechanical Breakdown Testing, etc Owners Protective Professional Indemnity Costs 40-60% less than Project Professional and allows architect to maintain practice policy limits Provides defense expense coverage and first party indemnity Can also sit excess above GC s contractors pollution liability
10 Hexed by Fire Project is 75% complete and office/retail areas are occupied: Will the Builders Risk policy respond? When does the policy terminate? Purchase and sale of office tower is now affected Is the limit adequate? Change orders Unexpected surge in local construction costs Will the full cost of the delay be covered? Soft Costs Period of indemnity Drop down clauses Period extended by supplier issues
11 Questions or ideas? Please share your experiences or thoughts
12 Completion of the Project
13 Placement of Permanent Coverage Master or stand-alone? Project risk factors Asset type CAT exposures Legal environment Long-term vs. short-term hold? JV requirements Who is responsible for procuring the insurance? Claims administration? Level of sophistication of partners? Lender Requirements Deductibles standard and CAT Coverage types and limits Casualty provisions Portability of the program
14 Management and Maintenance of In-house vs. 3rd party the Project Management agreement Contractual risk transfer which lens? Verification of insurance and COI tracking Maintenance standards Who maintains what? (Owner, tenant, 3 rd party) NFPA inspection frequencies Safety requirements BCP/Emergency response plans and disaster recovery vendors
15 Tenant Leases Standardized contracts Controlled permitted use Hazardous substances and materials Who is responsible for insuring building/tenant improvements? Waivers of subrogation and indemnification Trust but verify Site visits 3 rd party engineering Insurance Allocations Risk weighting Market ranges and benchmarking information Speak the lingo
16 Hurricane Betsy Redux Cat 4 hurricane hits the Louisiana coast A hurricane is not a peril The operation of multiple perils causes numerous claims problems: Sub-limits & exclusions Application of % deductibles Segregation of damage and loss Downzoning issues due to recent code changes Water intrusion issues in the Condo tower
17 Problems with % Deductibles Difficult to explain to senior management Many still believe it s a % of loss Not known at the date of loss Clients are nearly always surprised at the amount Difficulties with calculation Is it a % of the values declared, or the values at the DOL? If of the values declared, is it by unit of insurance? Is unit of insurance clearly defined? Even if language references the SOV, is it clear where everything falls on the SOV?
18 Claim Suggestions & Comments A low sub limit (especially one with no corresponding policy language) may be worse than a silent policy contract Make sure all sub-limited items are clearly defined in the policy Seek out and destroy anti-concurrent causation language Think through how any % deductible will apply to locations or units of insurance ; does the language work for the specific circumstances?
19 Questions? Contact Information Gregg Woodman, istar Financial Inc., Risk Manager, Lori Agee, Duke Realty Corporation, AVP, Risk Management, Anthony P. Tatum, Attorney, King & Spalding LLP, Alice Edwards, Managing Director, PricewaterhouseCoopers LLP,
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