{"version":"1.0.0","segments":[{"speaker":"Dan Wentz","startTime":23.7,"endTime":25.439999999999998,"body":"contractors may"},{"speaker":"Dan Wentz","startTime":23.7,"endTime":25.439999999999998,"body":"assume they don't need"},{"speaker":"Dan Wentz","startTime":25.439999999999998,"endTime":28.11,"body":"professional liability coverage."},{"speaker":"Dan Wentz","startTime":25.439999999999998,"endTime":28.11,"body":"But as the traditional"},{"speaker":"Dan Wentz","startTime":28.11,"endTime":30.479999999999997,"body":"construction delivery model"},{"speaker":"Dan Wentz","startTime":28.11,"endTime":30.479999999999997,"body":"evolves and the lines of"},{"speaker":"Dan Wentz","startTime":30.479999999999997,"endTime":33.21,"body":"responsibility between"},{"speaker":"Dan Wentz","startTime":30.479999999999997,"endTime":33.21,"body":"contractors and design firms"},{"speaker":"Dan Wentz","startTime":33.21,"endTime":37.35,"body":"blur contractors face increased"},{"speaker":"Dan Wentz","startTime":33.21,"endTime":37.35,"body":"exposure. Fortunately,"},{"speaker":"Dan Wentz","startTime":37.379999999999995,"endTime":40.56,"body":"professional liability insurance"},{"speaker":"Dan Wentz","startTime":37.379999999999995,"endTime":40.56,"body":"is available to help protect"},{"speaker":"Dan Wentz","startTime":40.56,"endTime":44.67,"body":"contractors from the risks that"},{"speaker":"Dan Wentz","startTime":40.56,"endTime":44.67,"body":"accompany industry changes. Dave"},{"speaker":"Dan Wentz","startTime":44.67,"endTime":47.4,"body":"Finneran is an assistant vice"},{"speaker":"Dan Wentz","startTime":44.67,"endTime":47.4,"body":"president and broker out of our"},{"speaker":"Dan Wentz","startTime":47.4,"endTime":50.22,"body":"Boston Massachusetts office. And"},{"speaker":"Dan Wentz","startTime":47.4,"endTime":50.22,"body":"he's got lots of great"},{"speaker":"Dan Wentz","startTime":50.22,"endTime":53.34,"body":"information about this specific"},{"speaker":"Dan Wentz","startTime":50.22,"endTime":53.34,"body":"professional coverage for"},{"speaker":"Dan Wentz","startTime":53.34,"endTime":56.64,"body":"contractors. Welcome to the"},{"speaker":"Dan Wentz","startTime":53.34,"endTime":56.64,"body":"placing you first podcast from"},{"speaker":"Dan Wentz","startTime":56.64,"endTime":60.269999999999996,"body":"CRC group. I'm your host, Dan"},{"speaker":"Dan Wentz","startTime":56.64,"endTime":60.269999999999996,"body":"Wentz. And this podcast features"},{"speaker":"Dan Wentz","startTime":60.269999999999996,"endTime":63.3,"body":"news and insights from CRC"},{"speaker":"Dan Wentz","startTime":60.269999999999996,"endTime":63.3,"body":"group's vast knowledge base of"},{"speaker":"Dan Wentz","startTime":63.3,"endTime":68.46,"body":"4300 plus associates who right"},{"speaker":"Dan Wentz","startTime":63.3,"endTime":68.46,"body":"in excess of $23.5 billion in"},{"speaker":"Dan Wentz","startTime":68.46,"endTime":71.4,"body":"premium annually, and we're"},{"speaker":"Dan Wentz","startTime":68.46,"endTime":71.4,"body":"giving you insider access to"},{"speaker":"Dan Wentz","startTime":71.4,"endTime":74.46,"body":"what's happening in our company"},{"speaker":"Dan Wentz","startTime":71.4,"endTime":74.46,"body":"and the types of insurance we"},{"speaker":"Dan Wentz","startTime":74.46,"endTime":78.9,"body":"place. This is the placing you"},{"speaker":"Dan Wentz","startTime":74.46,"endTime":78.9,"body":"first podcast Dave, welcome to"},{"speaker":"Dan Wentz","startTime":78.9,"endTime":82.8,"body":"the podcast. It's been a minute"},{"speaker":"Dan Wentz","startTime":78.9,"endTime":82.8,"body":"since we've talked, I think the"},{"speaker":"Dan Wentz","startTime":82.8,"endTime":84.96,"body":"last time we connect it was"},{"speaker":"Dan Wentz","startTime":82.8,"endTime":84.96,"body":"right before the holidays. How"},{"speaker":"Dan Wentz","startTime":84.96,"endTime":86.1,"body":"were your holidays?"},{"speaker":"David Finneran","startTime":86.37,"endTime":88.2,"body":"The holidays for"},{"speaker":"David Finneran","startTime":86.37,"endTime":88.2,"body":"us? Were great. Everybody's"},{"speaker":"David Finneran","startTime":88.2,"endTime":90.69,"body":"happy, healthy. The kids had a"},{"speaker":"David Finneran","startTime":88.2,"endTime":90.69,"body":"good time I weigh yourself."},{"speaker":"Dan Wentz","startTime":90.99000000000001,"endTime":94.17,"body":"Yeah. Really good"},{"speaker":"Dan Wentz","startTime":90.99000000000001,"endTime":94.17,"body":"here. The weather went from"},{"speaker":"Dan Wentz","startTime":94.17,"endTime":98.13000000000001,"body":"like, I don't know, 85 degrees"},{"speaker":"Dan Wentz","startTime":94.17,"endTime":98.13000000000001,"body":"in Birmingham, Alabama to 30"},{"speaker":"Dan Wentz","startTime":98.13000000000001,"endTime":100.62,"body":"some degrees this morning. And"},{"speaker":"Dan Wentz","startTime":98.13000000000001,"endTime":100.62,"body":"I'm sure that's not nearly as"},{"speaker":"Dan Wentz","startTime":100.62,"endTime":103.71000000000001,"body":"cold as you guys are dealing"},{"speaker":"Dan Wentz","startTime":100.62,"endTime":103.71000000000001,"body":"with. But up there in Boston,"},{"speaker":"Dan Wentz","startTime":103.71000000000001,"endTime":104.43,"body":"right. Yeah, we"},{"speaker":"David Finneran","startTime":104.43,"endTime":106.95,"body":"started about 18"},{"speaker":"David Finneran","startTime":104.43,"endTime":106.95,"body":"degrees today. So it wasn't the"},{"speaker":"David Finneran","startTime":106.95,"endTime":109.74000000000001,"body":"worst winter day, but certainly"},{"speaker":"David Finneran","startTime":106.95,"endTime":109.74000000000001,"body":"definitely a lot colder than"},{"speaker":"David Finneran","startTime":109.74000000000001,"endTime":110.28,"body":"where you are."},{"speaker":"Dan Wentz","startTime":110.67,"endTime":115.2,"body":"You are tougher man"},{"speaker":"Dan Wentz","startTime":110.67,"endTime":115.2,"body":"than I am. Say that. So David,"},{"speaker":"Dan Wentz","startTime":115.35000000000001,"endTime":120.45,"body":"we're talking about contractors"},{"speaker":"Dan Wentz","startTime":115.35000000000001,"endTime":120.45,"body":"professional liability. And this"},{"speaker":"Dan Wentz","startTime":120.45,"endTime":123.99000000000001,"body":"is an interesting type of"},{"speaker":"Dan Wentz","startTime":120.45,"endTime":123.99000000000001,"body":"insurance. Because I would think"},{"speaker":"Dan Wentz","startTime":123.99000000000001,"endTime":127.29,"body":"that contractors feel like they"},{"speaker":"Dan Wentz","startTime":123.99000000000001,"endTime":127.29,"body":"have everything figured out with"},{"speaker":"Dan Wentz","startTime":127.29,"endTime":131.43,"body":"their CGL policy. Right, and the"},{"speaker":"Dan Wentz","startTime":127.29,"endTime":131.43,"body":"the workers comp insurance that"},{"speaker":"Dan Wentz","startTime":131.43,"endTime":134.97,"body":"they already have, why should"},{"speaker":"Dan Wentz","startTime":131.43,"endTime":134.97,"body":"contractors and their agents"},{"speaker":"Dan Wentz","startTime":134.97,"endTime":138.48,"body":"consider purchasing professional"},{"speaker":"Dan Wentz","startTime":134.97,"endTime":138.48,"body":"liability coverage?"},{"speaker":"David Finneran","startTime":138.96,"endTime":140.85,"body":"That's a really"},{"speaker":"David Finneran","startTime":138.96,"endTime":140.85,"body":"good question. I think that a"},{"speaker":"David Finneran","startTime":140.85,"endTime":143.88,"body":"lot of times what ends up"},{"speaker":"David Finneran","startTime":140.85,"endTime":143.88,"body":"happening with contractors is"},{"speaker":"David Finneran","startTime":143.88,"endTime":146.60999999999999,"body":"that they assume they have all"},{"speaker":"David Finneran","startTime":143.88,"endTime":146.60999999999999,"body":"the liability they need in the"},{"speaker":"David Finneran","startTime":146.60999999999999,"endTime":150.57,"body":"general liability policy. One of"},{"speaker":"David Finneran","startTime":146.60999999999999,"endTime":150.57,"body":"the limitations of the general"},{"speaker":"David Finneran","startTime":150.57,"endTime":154.01999999999998,"body":"liability policy is that it is"},{"speaker":"David Finneran","startTime":150.57,"endTime":154.01999999999998,"body":"only triggered by bodily injury"},{"speaker":"David Finneran","startTime":154.01999999999998,"endTime":158.48999999999998,"body":"or property damage that that"},{"speaker":"David Finneran","startTime":154.01999999999998,"endTime":158.48999999999998,"body":"includes when ISO adds their"},{"speaker":"David Finneran","startTime":158.48999999999998,"endTime":161.64,"body":"endorsements for professional."},{"speaker":"David Finneran","startTime":158.48999999999998,"endTime":161.64,"body":"And the biggest issue that"},{"speaker":"David Finneran","startTime":161.64,"endTime":164.85,"body":"contract is faced with regards"},{"speaker":"David Finneran","startTime":161.64,"endTime":164.85,"body":"to professional liability is"},{"speaker":"David Finneran","startTime":164.85,"endTime":168.66,"body":"economic loss, which just is"},{"speaker":"David Finneran","startTime":164.85,"endTime":168.66,"body":"never triggered in and of itself"},{"speaker":"David Finneran","startTime":168.69,"endTime":172.89,"body":"with a motto line general"},{"speaker":"David Finneran","startTime":168.69,"endTime":172.89,"body":"liability policy. And so the"},{"speaker":"David Finneran","startTime":172.89,"endTime":176.51999999999998,"body":"need for contractor professional"},{"speaker":"David Finneran","startTime":172.89,"endTime":176.51999999999998,"body":"starts with economic loss, and"},{"speaker":"David Finneran","startTime":176.51999999999998,"endTime":178.89,"body":"then it derives from there,"},{"speaker":"David Finneran","startTime":176.51999999999998,"endTime":178.89,"body":"we've got a couple of things to"},{"speaker":"David Finneran","startTime":178.89,"endTime":180.63,"body":"talk about that kind of build"},{"speaker":"David Finneran","startTime":178.89,"endTime":180.63,"body":"out from that."},{"speaker":"Dan Wentz","startTime":180.83999999999997,"endTime":183.92999999999998,"body":"What are some areas"},{"speaker":"Dan Wentz","startTime":180.83999999999997,"endTime":183.92999999999998,"body":"that we see experience a claim"},{"speaker":"Dan Wentz","startTime":183.95999999999998,"endTime":185.57999999999998,"body":"in when it comes to this?"},{"speaker":"David Finneran","startTime":185.73,"endTime":187.58999999999997,"body":"Well, you know,"},{"speaker":"David Finneran","startTime":185.73,"endTime":187.58999999999997,"body":"many contractors get asked for"},{"speaker":"David Finneran","startTime":187.58999999999997,"endTime":191.01,"body":"advice and input, and both pre"},{"speaker":"David Finneran","startTime":187.58999999999997,"endTime":191.01,"body":"construction and also post"},{"speaker":"David Finneran","startTime":191.01,"endTime":193.98,"body":"construction phases that creates"},{"speaker":"David Finneran","startTime":191.01,"endTime":193.98,"body":"a liability, it's more of an"},{"speaker":"David Finneran","startTime":193.98,"endTime":197.28,"body":"opinion than rather a hands on"},{"speaker":"David Finneran","startTime":193.98,"endTime":197.28,"body":"service. And so you've got a"},{"speaker":"David Finneran","startTime":197.28,"endTime":199.79999999999998,"body":"potential there that if"},{"speaker":"David Finneran","startTime":197.28,"endTime":199.79999999999998,"body":"something leads from their"},{"speaker":"David Finneran","startTime":199.79999999999998,"endTime":203.19,"body":"advice to a cost overrun or"},{"speaker":"David Finneran","startTime":199.79999999999998,"endTime":203.19,"body":"other issue of economic loss to"},{"speaker":"David Finneran","startTime":203.19,"endTime":206.60999999999999,"body":"the owner of that project, that"},{"speaker":"David Finneran","startTime":203.19,"endTime":206.60999999999999,"body":"it's going to come back and"},{"speaker":"David Finneran","startTime":206.94,"endTime":211.01999999999998,"body":"basically create a liability for"},{"speaker":"David Finneran","startTime":206.94,"endTime":211.01999999999998,"body":"them. In other areas when they"},{"speaker":"David Finneran","startTime":211.01999999999998,"endTime":214.44,"body":"take on more responsibility. A"},{"speaker":"David Finneran","startTime":211.01999999999998,"endTime":214.44,"body":"lot of times in different states"},{"speaker":"David Finneran","startTime":214.47,"endTime":217.64999999999998,"body":"and the subcontractors who"},{"speaker":"David Finneran","startTime":214.47,"endTime":217.64999999999998,"body":"actually will suffer the cost to"},{"speaker":"David Finneran","startTime":217.64999999999998,"endTime":222.17999999999998,"body":"redo or also penalties and fines"},{"speaker":"David Finneran","startTime":217.64999999999998,"endTime":222.17999999999998,"body":"may come back after a general"},{"speaker":"David Finneran","startTime":222.17999999999998,"endTime":225.32999999999998,"body":"contractor and again, Sue that"},{"speaker":"David Finneran","startTime":222.17999999999998,"endTime":225.32999999999998,"body":"general contractor for economic"},{"speaker":"David Finneran","startTime":225.32999999999998,"endTime":228.48,"body":"loss associated with the project"},{"speaker":"David Finneran","startTime":225.32999999999998,"endTime":228.48,"body":"delays and cost overruns."},{"speaker":"Dan Wentz","startTime":228.75,"endTime":231.78,"body":"Does this cover"},{"speaker":"Dan Wentz","startTime":228.75,"endTime":231.78,"body":"things like faulty workmanship"},{"speaker":"Dan Wentz","startTime":231.78,"endTime":232.10999999999999,"body":"too?"},{"speaker":"David Finneran","startTime":232.32,"endTime":234.6,"body":"It does. I mean,"},{"speaker":"David Finneran","startTime":232.32,"endTime":234.6,"body":"before we get into faulty"},{"speaker":"David Finneran","startTime":234.6,"endTime":237.72,"body":"workmanship though, just to kind"},{"speaker":"David Finneran","startTime":234.6,"endTime":237.72,"body":"of highlight it, I wanted to"},{"speaker":"David Finneran","startTime":237.72,"endTime":240.45,"body":"give you a couple examples of"},{"speaker":"David Finneran","startTime":237.72,"endTime":240.45,"body":"what I was talking about where"},{"speaker":"David Finneran","startTime":240.78,"endTime":244.61999999999998,"body":"contractors like HVAC can"},{"speaker":"David Finneran","startTime":240.78,"endTime":244.61999999999998,"body":"provide both design and design"},{"speaker":"David Finneran","startTime":244.61999999999998,"endTime":248.31,"body":"specs as well as fabrication and"},{"speaker":"David Finneran","startTime":244.61999999999998,"endTime":248.31,"body":"installation services. And in"},{"speaker":"David Finneran","startTime":248.31,"endTime":250.98,"body":"that instance, you can see how"},{"speaker":"David Finneran","startTime":248.31,"endTime":250.98,"body":"hands on service can create an"},{"speaker":"David Finneran","startTime":250.98,"endTime":254.97,"body":"economic loss is all as well as"},{"speaker":"David Finneran","startTime":250.98,"endTime":254.97,"body":"the advice they're giving to"},{"speaker":"David Finneran","startTime":254.97,"endTime":257.31,"body":"other people because sometimes"},{"speaker":"David Finneran","startTime":254.97,"endTime":257.31,"body":"they're asked to specs in a"},{"speaker":"David Finneran","startTime":257.31,"endTime":260.58,"body":"design professional is going to"},{"speaker":"David Finneran","startTime":257.31,"endTime":260.58,"body":"rely on those specs to create a"},{"speaker":"David Finneran","startTime":260.58,"endTime":263.46,"body":"blueprint that drawing. At other"},{"speaker":"David Finneran","startTime":260.58,"endTime":263.46,"body":"times, they're actually the in"},{"speaker":"David Finneran","startTime":263.46,"endTime":265.71,"body":"house designer. So now they've"},{"speaker":"David Finneran","startTime":263.46,"endTime":265.71,"body":"got a full design build"},{"speaker":"David Finneran","startTime":265.71,"endTime":269.91,"body":"exposure. A general contractor"},{"speaker":"David Finneran","startTime":265.71,"endTime":269.91,"body":"who typically manages a project,"},{"speaker":"David Finneran","startTime":269.91,"endTime":274.35,"body":"what we're seeing the trend to"},{"speaker":"David Finneran","startTime":269.91,"endTime":274.35,"body":"be now is that more and more,"},{"speaker":"David Finneran","startTime":274.35,"endTime":277.2,"body":"they're being asked to also"},{"speaker":"David Finneran","startTime":274.35,"endTime":277.2,"body":"select the design professional."},{"speaker":"David Finneran","startTime":277.5,"endTime":280.44,"body":"From a court standpoint, when"},{"speaker":"David Finneran","startTime":277.5,"endTime":280.44,"body":"that happens, they are treated"},{"speaker":"David Finneran","startTime":280.44,"endTime":283.5,"body":"more like a design build firm"},{"speaker":"David Finneran","startTime":280.44,"endTime":283.5,"body":"than they are like a manager of"},{"speaker":"David Finneran","startTime":283.5,"endTime":287.88,"body":"a project. And that creates that"},{"speaker":"David Finneran","startTime":283.5,"endTime":287.88,"body":"liability we talked about as far"},{"speaker":"David Finneran","startTime":287.88,"endTime":291.71999999999997,"body":"as an economic loss, for cost"},{"speaker":"David Finneran","startTime":287.88,"endTime":291.71999999999997,"body":"overruns for time delays, it"},{"speaker":"David Finneran","startTime":291.71999999999997,"endTime":294.84,"body":"creates liability because now"},{"speaker":"David Finneran","startTime":291.71999999999997,"endTime":294.84,"body":"you've vetted and approved a"},{"speaker":"David Finneran","startTime":294.84,"endTime":298.86,"body":"contractor, yourself versus the"},{"speaker":"David Finneran","startTime":294.84,"endTime":298.86,"body":"owner. So now you've taken on"},{"speaker":"David Finneran","startTime":298.86,"endTime":302.28,"body":"that liability for yourself. And"},{"speaker":"David Finneran","startTime":298.86,"endTime":302.28,"body":"then when that happens, if there"},{"speaker":"David Finneran","startTime":302.28,"endTime":306.18,"body":"is a design error, you end up"},{"speaker":"David Finneran","startTime":302.28,"endTime":306.18,"body":"getting yourself into that"},{"speaker":"David Finneran","startTime":306.18,"endTime":309.18,"body":"claim, which we'll talk about a"},{"speaker":"David Finneran","startTime":306.18,"endTime":309.18,"body":"little bit more as we get into"},{"speaker":"David Finneran","startTime":309.18,"endTime":312.27,"body":"protective indemnity and a"},{"speaker":"David Finneran","startTime":309.18,"endTime":312.27,"body":"couple other topics. Other"},{"speaker":"David Finneran","startTime":312.27,"endTime":314.64,"body":"models you know that you're"},{"speaker":"David Finneran","startTime":312.27,"endTime":314.64,"body":"typically used to seeing this"},{"speaker":"David Finneran","startTime":314.64,"endTime":317.01,"body":"type of coverage on, you know,"},{"speaker":"David Finneran","startTime":314.64,"endTime":317.01,"body":"construction managers that are"},{"speaker":"David Finneran","startTime":317.01,"endTime":319.08,"body":"at risk have typically always"},{"speaker":"David Finneran","startTime":317.01,"endTime":319.08,"body":"covered it because they're"},{"speaker":"David Finneran","startTime":319.08,"endTime":322.17,"body":"responsible not just for"},{"speaker":"David Finneran","startTime":319.08,"endTime":322.17,"body":"managing the project, but for"},{"speaker":"David Finneran","startTime":322.2,"endTime":325.86,"body":"subcontracted, as you know,"},{"speaker":"David Finneran","startTime":322.2,"endTime":325.86,"body":"selection, design build firms"},{"speaker":"David Finneran","startTime":325.89,"endTime":328.53,"body":"basically take all the stuff we"},{"speaker":"David Finneran","startTime":325.89,"endTime":328.53,"body":"just talked about. And they say,"},{"speaker":"David Finneran","startTime":328.56,"endTime":331.32,"body":"not only can we do all that, but"},{"speaker":"David Finneran","startTime":328.56,"endTime":331.32,"body":"we're gonna deliver it on time"},{"speaker":"David Finneran","startTime":331.32,"endTime":334.05,"body":"and on budget. So they've got"},{"speaker":"David Finneran","startTime":331.32,"endTime":334.05,"body":"the highest exposure out of all"},{"speaker":"David Finneran","startTime":334.05,"endTime":336.71999999999997,"body":"of this, but everything into"},{"speaker":"David Finneran","startTime":334.05,"endTime":336.71999999999997,"body":"plays with that financial loss"},{"speaker":"David Finneran","startTime":336.71999999999997,"endTime":338.13,"body":"scenario, and then goes from"},{"speaker":"David Finneran","startTime":336.71999999999997,"endTime":338.13,"body":"now."},{"speaker":"Dan Wentz","startTime":338.15999999999997,"endTime":340.74,"body":"Yeah, and it sounds"},{"speaker":"Dan Wentz","startTime":338.15999999999997,"endTime":340.74,"body":"like that might be a very common"},{"speaker":"Dan Wentz","startTime":340.74,"endTime":343.97999999999996,"body":"scenario, because when you're,"},{"speaker":"Dan Wentz","startTime":340.74,"endTime":343.97999999999996,"body":"when you're booking a contractor"},{"speaker":"Dan Wentz","startTime":343.97999999999996,"endTime":347.01,"body":"to do work for you, you kind of"},{"speaker":"Dan Wentz","startTime":343.97999999999996,"endTime":347.01,"body":"just want the final answer, you"},{"speaker":"Dan Wentz","startTime":347.01,"endTime":349.89,"body":"know, you don't want to deal"},{"speaker":"Dan Wentz","startTime":347.01,"endTime":349.89,"body":"with a designer, with then the"},{"speaker":"Dan Wentz","startTime":349.89,"endTime":353.34,"body":"contractor, and you're looking"},{"speaker":"Dan Wentz","startTime":349.89,"endTime":353.34,"body":"for them to work together,"},{"speaker":"Dan Wentz","startTime":353.34,"endTime":356.67,"body":"right? So why not just let the"},{"speaker":"Dan Wentz","startTime":353.34,"endTime":356.67,"body":"contractor pick the design firm?"},{"speaker":"David Finneran","startTime":356.82,"endTime":359.64,"body":"Yeah, including"},{"speaker":"David Finneran","startTime":356.82,"endTime":359.64,"body":"owners in all, in all regards,"},{"speaker":"David Finneran","startTime":359.64,"endTime":363.69,"body":"are actually responding to that"},{"speaker":"David Finneran","startTime":359.64,"endTime":363.69,"body":"same issue where they feel that"},{"speaker":"David Finneran","startTime":363.69,"endTime":365.72999999999996,"body":"because they don't know the"},{"speaker":"David Finneran","startTime":363.69,"endTime":365.72999999999996,"body":"designer, they want it done"},{"speaker":"David Finneran","startTime":365.72999999999996,"endTime":368.90999999999997,"body":"quickly. They want it done"},{"speaker":"David Finneran","startTime":365.72999999999996,"endTime":368.90999999999997,"body":"effectively. general contractors"},{"speaker":"David Finneran","startTime":368.90999999999997,"endTime":371.37,"body":"do know, typically the designers"},{"speaker":"David Finneran","startTime":368.90999999999997,"endTime":371.37,"body":"that are good on certain"},{"speaker":"David Finneran","startTime":371.37,"endTime":374.15999999999997,"body":"projects, so they're relying on"},{"speaker":"David Finneran","startTime":371.37,"endTime":374.15999999999997,"body":"their expertise and selecting"},{"speaker":"David Finneran","startTime":374.15999999999997,"endTime":376.89,"body":"that design professional as well"},{"speaker":"David Finneran","startTime":374.15999999999997,"endTime":376.89,"body":"as all the subcontractors for"},{"speaker":"David Finneran","startTime":376.89,"endTime":380.43,"body":"the jobs more and more. And"},{"speaker":"David Finneran","startTime":376.89,"endTime":380.43,"body":"that's where that exposure comes"},{"speaker":"David Finneran","startTime":380.43,"endTime":380.61,"body":"in."},{"speaker":"Dan Wentz","startTime":380.72999999999996,"endTime":383.34,"body":"Do you have any"},{"speaker":"Dan Wentz","startTime":380.72999999999996,"endTime":383.34,"body":"examples of specific claims or"},{"speaker":"Dan Wentz","startTime":383.34,"endTime":386.15999999999997,"body":"scenarios where this comes into"},{"speaker":"Dan Wentz","startTime":383.34,"endTime":386.15999999999997,"body":"play?"},{"speaker":"David Finneran","startTime":386.25,"endTime":387.99,"body":"Yeah, I think"},{"speaker":"David Finneran","startTime":386.25,"endTime":387.99,"body":"that what we talked about in"},{"speaker":"David Finneran","startTime":387.99,"endTime":390.71999999999997,"body":"general is the economic loss"},{"speaker":"David Finneran","startTime":387.99,"endTime":390.71999999999997,"body":"issue, we're gonna build up from"},{"speaker":"David Finneran","startTime":390.71999999999997,"endTime":393.0,"body":"there, there are certain things"},{"speaker":"David Finneran","startTime":390.71999999999997,"endTime":393.0,"body":"that depending upon the level of"},{"speaker":"David Finneran","startTime":393.0,"endTime":396.78,"body":"contracting services provided,"},{"speaker":"David Finneran","startTime":393.0,"endTime":396.78,"body":"we'd like to see in a policy so"},{"speaker":"David Finneran","startTime":396.81,"endTime":401.64,"body":"big claims come in, in the areas"},{"speaker":"David Finneran","startTime":396.81,"endTime":401.64,"body":"of protective indemnity as well"},{"speaker":"David Finneran","startTime":401.64,"endTime":405.81,"body":"as mitigation, rectification"},{"speaker":"David Finneran","startTime":401.64,"endTime":405.81,"body":"expenses. And these are some of"},{"speaker":"David Finneran","startTime":405.81,"endTime":408.27,"body":"the more common things that"},{"speaker":"David Finneran","startTime":405.81,"endTime":408.27,"body":"we're seeing today. So that in"},{"speaker":"David Finneran","startTime":408.27,"endTime":410.96999999999997,"body":"that scenario, where I'm a"},{"speaker":"David Finneran","startTime":408.27,"endTime":410.96999999999997,"body":"general contractor, and I now"},{"speaker":"David Finneran","startTime":410.96999999999997,"endTime":414.42,"body":"hire design professional, let's"},{"speaker":"David Finneran","startTime":410.96999999999997,"endTime":414.42,"body":"just say, I did have them design"},{"speaker":"David Finneran","startTime":414.42,"endTime":418.74,"body":"a shopping center, that design"},{"speaker":"David Finneran","startTime":414.42,"endTime":418.74,"body":"professional, we find out later"},{"speaker":"David Finneran","startTime":418.74,"endTime":422.34,"body":"on, specify the wrong size,"},{"speaker":"David Finneran","startTime":418.74,"endTime":422.34,"body":"rebar for that type of"},{"speaker":"David Finneran","startTime":422.34,"endTime":426.3,"body":"construction, we're about $2"},{"speaker":"David Finneran","startTime":422.34,"endTime":426.3,"body":"million into the project, we"},{"speaker":"David Finneran","startTime":426.3,"endTime":430.2,"body":"realize there's a problem, it's"},{"speaker":"David Finneran","startTime":426.3,"endTime":430.2,"body":"a $5 million total project, we"},{"speaker":"David Finneran","startTime":430.2,"endTime":433.17,"body":"know there's going to be now a"},{"speaker":"David Finneran","startTime":430.2,"endTime":433.17,"body":"cost overrun, there's going to"},{"speaker":"David Finneran","startTime":433.17,"endTime":436.2,"body":"be a time delay, we also need to"},{"speaker":"David Finneran","startTime":433.17,"endTime":436.2,"body":"figure out how we're going to"},{"speaker":"David Finneran","startTime":436.2,"endTime":439.97999999999996,"body":"address the issue of the design"},{"speaker":"David Finneran","startTime":436.2,"endTime":439.97999999999996,"body":"error, who is responsible and"},{"speaker":"David Finneran","startTime":439.97999999999996,"endTime":443.25,"body":"what happens most design"},{"speaker":"David Finneran","startTime":439.97999999999996,"endTime":443.25,"body":"professionals are still sticking"},{"speaker":"David Finneran","startTime":443.25,"endTime":445.32,"body":"to the standards where they are"},{"speaker":"David Finneran","startTime":443.25,"endTime":445.32,"body":"saying that they're not"},{"speaker":"David Finneran","startTime":445.32,"endTime":448.5,"body":"responsible for more than a"},{"speaker":"David Finneran","startTime":445.32,"endTime":448.5,"body":"million dollars. In some cases,"},{"speaker":"David Finneran","startTime":448.5,"endTime":450.65999999999997,"body":"they're still saying we're only"},{"speaker":"David Finneran","startTime":448.5,"endTime":450.65999999999997,"body":"responsible for the amount of"},{"speaker":"David Finneran","startTime":450.65999999999997,"endTime":453.69,"body":"the contract that you gave us."},{"speaker":"David Finneran","startTime":450.65999999999997,"endTime":453.69,"body":"And those liquidated damages"},{"speaker":"David Finneran","startTime":453.69,"endTime":456.96,"body":"have been held up those clauses"},{"speaker":"David Finneran","startTime":453.69,"endTime":456.96,"body":"and most courts throughout the"},{"speaker":"David Finneran","startTime":456.96,"endTime":459.3,"body":"United States, we're seeing some"},{"speaker":"David Finneran","startTime":456.96,"endTime":459.3,"body":"trends with that might change."},{"speaker":"David Finneran","startTime":459.63,"endTime":462.47999999999996,"body":"But let's assume across the"},{"speaker":"David Finneran","startTime":459.63,"endTime":462.47999999999996,"body":"United States, that is the"},{"speaker":"David Finneran","startTime":462.47999999999996,"endTime":465.96,"body":"issue. So now we have a design"},{"speaker":"David Finneran","startTime":462.47999999999996,"endTime":465.96,"body":"professional carrying a million"},{"speaker":"David Finneran","startTime":465.96,"endTime":468.96,"body":"dollars worth coverage, that"},{"speaker":"David Finneran","startTime":465.96,"endTime":468.96,"body":"design professional makes an"},{"speaker":"David Finneran","startTime":468.96,"endTime":471.96,"body":"error, you hide that design"},{"speaker":"David Finneran","startTime":468.96,"endTime":471.96,"body":"professional. So now the owner"},{"speaker":"David Finneran","startTime":471.96,"endTime":475.26,"body":"of the project is coming after"},{"speaker":"David Finneran","startTime":471.96,"endTime":475.26,"body":"you. It's going to cost $3"},{"speaker":"David Finneran","startTime":475.26,"endTime":480.12,"body":"million now to problem. You're"},{"speaker":"David Finneran","startTime":475.26,"endTime":480.12,"body":"capping out at a million dollars"},{"speaker":"David Finneran","startTime":480.12,"endTime":482.76,"body":"potential liability coverage"},{"speaker":"David Finneran","startTime":480.12,"endTime":482.76,"body":"with that design professional,"},{"speaker":"David Finneran","startTime":482.78999999999996,"endTime":485.90999999999997,"body":"you as the general contractor"},{"speaker":"David Finneran","startTime":482.78999999999996,"endTime":485.90999999999997,"body":"now have a $2 million gap in"},{"speaker":"David Finneran","startTime":485.90999999999997,"endTime":489.0,"body":"coverage. One of the beautiful"},{"speaker":"David Finneran","startTime":485.90999999999997,"endTime":489.0,"body":"things about a contractor"},{"speaker":"David Finneran","startTime":489.0,"endTime":491.72999999999996,"body":"professional policy is that we"},{"speaker":"David Finneran","startTime":489.0,"endTime":491.72999999999996,"body":"can include a clause called"},{"speaker":"David Finneran","startTime":491.72999999999996,"endTime":494.43,"body":"protected indemnity. It's called"},{"speaker":"David Finneran","startTime":491.72999999999996,"endTime":494.43,"body":"different things by different"},{"speaker":"David Finneran","startTime":494.43,"endTime":498.27,"body":"carriers. But essentially what"},{"speaker":"David Finneran","startTime":494.43,"endTime":498.27,"body":"it does is it lets that contract"},{"speaker":"David Finneran","startTime":498.27,"endTime":501.21,"body":"to file first party claim with"},{"speaker":"David Finneran","startTime":498.27,"endTime":501.21,"body":"their own carrier saying that we"},{"speaker":"David Finneran","startTime":501.21,"endTime":503.76,"body":"realize that there has been a"},{"speaker":"David Finneran","startTime":501.21,"endTime":503.76,"body":"mistake here, it's the design"},{"speaker":"David Finneran","startTime":503.76,"endTime":506.55,"body":"professionals error. We are"},{"speaker":"David Finneran","startTime":503.76,"endTime":506.55,"body":"bringing suit against that"},{"speaker":"David Finneran","startTime":506.55,"endTime":510.9,"body":"design professional, but we have"},{"speaker":"David Finneran","startTime":506.55,"endTime":510.9,"body":"a gap of $2 million. So as that"},{"speaker":"David Finneran","startTime":510.9,"endTime":514.44,"body":"claim progresses, our carrier is"},{"speaker":"David Finneran","startTime":510.9,"endTime":514.44,"body":"going to sit access on a first"},{"speaker":"David Finneran","startTime":514.44,"endTime":517.32,"body":"party basis to reimburse us for"},{"speaker":"David Finneran","startTime":514.44,"endTime":517.32,"body":"that additional 2 million"},{"speaker":"David Finneran","startTime":517.35,"endTime":519.96,"body":"provided that liability is"},{"speaker":"David Finneran","startTime":517.35,"endTime":519.96,"body":"established with that design"},{"speaker":"David Finneran","startTime":519.96,"endTime":522.96,"body":"professional. And that's the"},{"speaker":"David Finneran","startTime":519.96,"endTime":522.96,"body":"essence of what it is it's"},{"speaker":"David Finneran","startTime":522.96,"endTime":526.71,"body":"really a stopgap measure that we"},{"speaker":"David Finneran","startTime":522.96,"endTime":526.71,"body":"can add in in 98% of the cases"},{"speaker":"David Finneran","startTime":526.71,"endTime":530.19,"body":"was contractor professional, to"},{"speaker":"David Finneran","startTime":526.71,"endTime":530.19,"body":"really a key coverage. And"},{"speaker":"David Finneran","startTime":530.19,"endTime":532.65,"body":"something really important to"},{"speaker":"David Finneran","startTime":530.19,"endTime":532.65,"body":"any contractor whether it's a"},{"speaker":"David Finneran","startTime":532.65,"endTime":535.35,"body":"street and road contractor"},{"speaker":"David Finneran","startTime":532.65,"endTime":535.35,"body":"that's hiring an engineering"},{"speaker":"David Finneran","startTime":535.35,"endTime":538.4100000000001,"body":"firm, before they lay the sewer"},{"speaker":"David Finneran","startTime":535.35,"endTime":538.4100000000001,"body":"lines or whether it's a general"},{"speaker":"David Finneran","startTime":538.4100000000001,"endTime":540.8100000000001,"body":"contractor putting up a"},{"speaker":"David Finneran","startTime":538.4100000000001,"endTime":540.8100000000001,"body":"building, that's an essential"},{"speaker":"David Finneran","startTime":540.8100000000001,"endTime":544.59,"body":"coverage to have in the policy."},{"speaker":"David Finneran","startTime":540.8100000000001,"endTime":544.59,"body":"The other aspect of that and"},{"speaker":"David Finneran","startTime":544.59,"endTime":548.22,"body":"kind of the sister coverage is"},{"speaker":"David Finneran","startTime":544.59,"endTime":548.22,"body":"mitigation or rectification"},{"speaker":"David Finneran","startTime":548.22,"endTime":551.34,"body":"coverage. Mitigation,"},{"speaker":"David Finneran","startTime":548.22,"endTime":551.34,"body":"rectification coverage varies by"},{"speaker":"David Finneran","startTime":551.34,"endTime":553.9200000000001,"body":"Carrier terms are a little bit"},{"speaker":"David Finneran","startTime":551.34,"endTime":553.9200000000001,"body":"different. But the essence of"},{"speaker":"David Finneran","startTime":553.9200000000001,"endTime":556.9200000000001,"body":"that is very similar to what we"},{"speaker":"David Finneran","startTime":553.9200000000001,"endTime":556.9200000000001,"body":"just talked about. The"},{"speaker":"David Finneran","startTime":556.9200000000001,"endTime":559.5600000000001,"body":"difference is is that the"},{"speaker":"David Finneran","startTime":556.9200000000001,"endTime":559.5600000000001,"body":"general contractor when they"},{"speaker":"David Finneran","startTime":559.5600000000001,"endTime":562.6500000000001,"body":"realize is a mistake early on a"},{"speaker":"David Finneran","startTime":559.5600000000001,"endTime":562.6500000000001,"body":"project and they know that"},{"speaker":"David Finneran","startTime":562.6500000000001,"endTime":566.61,"body":"things have to be redesigned and"},{"speaker":"David Finneran","startTime":562.6500000000001,"endTime":566.61,"body":"retooled or recalibrated or, you"},{"speaker":"David Finneran","startTime":566.61,"endTime":569.1600000000001,"body":"know, I've got an instance where"},{"speaker":"David Finneran","startTime":566.61,"endTime":569.1600000000001,"body":"when I first started as an"},{"speaker":"David Finneran","startTime":569.1600000000001,"endTime":572.2800000000001,"body":"underwriter, we had a survey"},{"speaker":"David Finneran","startTime":569.1600000000001,"endTime":572.2800000000001,"body":"that actually was off by two"},{"speaker":"David Finneran","startTime":572.2800000000001,"endTime":575.3100000000001,"body":"inches and applaud in Las Vegas."},{"speaker":"David Finneran","startTime":572.2800000000001,"endTime":575.3100000000001,"body":"And then we had to neighboring"},{"speaker":"David Finneran","startTime":575.3100000000001,"endTime":580.2900000000001,"body":"casinos, the neighboring casino"},{"speaker":"David Finneran","startTime":575.3100000000001,"endTime":580.2900000000001,"body":"that had the two inch basically"},{"speaker":"David Finneran","startTime":580.2900000000001,"endTime":584.1,"body":"override on their property allow"},{"speaker":"David Finneran","startTime":580.2900000000001,"endTime":584.1,"body":"that contractor to complete"},{"speaker":"David Finneran","startTime":584.1,"endTime":586.2900000000001,"body":"construction of the wall and"},{"speaker":"David Finneran","startTime":584.1,"endTime":586.2900000000001,"body":"they came out and said really"},{"speaker":"David Finneran","startTime":586.2900000000001,"endTime":590.34,"body":"Hey, nice wild take it down and"},{"speaker":"David Finneran","startTime":586.2900000000001,"endTime":590.34,"body":"our guy was left in the bag for"},{"speaker":"David Finneran","startTime":590.34,"endTime":592.98,"body":"about $1 million in that case"},{"speaker":"David Finneran","startTime":590.34,"endTime":592.98,"body":"because they didn't have"},{"speaker":"David Finneran","startTime":592.98,"endTime":595.35,"body":"mitigation coverage. And they"},{"speaker":"David Finneran","startTime":592.98,"endTime":595.35,"body":"didn't have protective"},{"speaker":"David Finneran","startTime":595.35,"endTime":598.9200000000001,"body":"indemnity. Mitigation is"},{"speaker":"David Finneran","startTime":595.35,"endTime":598.9200000000001,"body":"actually like I said, it's a"},{"speaker":"David Finneran","startTime":598.9200000000001,"endTime":601.6800000000001,"body":"first party coverage that"},{"speaker":"David Finneran","startTime":598.9200000000001,"endTime":601.6800000000001,"body":"addresses that. But as soon as"},{"speaker":"David Finneran","startTime":601.6800000000001,"endTime":604.0500000000001,"body":"you notice as an issue, you go"},{"speaker":"David Finneran","startTime":601.6800000000001,"endTime":604.0500000000001,"body":"to the carrier and in"},{"speaker":"David Finneran","startTime":604.0500000000001,"endTime":608.1600000000001,"body":"partnership with the carrier,"},{"speaker":"David Finneran","startTime":604.0500000000001,"endTime":608.1600000000001,"body":"you produce documents to say"},{"speaker":"David Finneran","startTime":608.1600000000001,"endTime":610.32,"body":"that we know that this is an"},{"speaker":"David Finneran","startTime":608.1600000000001,"endTime":610.32,"body":"error. We want to stop"},{"speaker":"David Finneran","startTime":610.32,"endTime":613.26,"body":"construction and fix this now so"},{"speaker":"David Finneran","startTime":610.32,"endTime":613.26,"body":"that we don't have a claim for"},{"speaker":"David Finneran","startTime":613.26,"endTime":617.25,"body":"$5 million or $3 million later"},{"speaker":"David Finneran","startTime":613.26,"endTime":617.25,"body":"on. Most cases carriers are"},{"speaker":"David Finneran","startTime":617.25,"endTime":619.35,"body":"going to say you know what, if"},{"speaker":"David Finneran","startTime":617.25,"endTime":619.35,"body":"there's sufficient facts,"},{"speaker":"David Finneran","startTime":619.35,"endTime":622.2,"body":"they're going to allow that"},{"speaker":"David Finneran","startTime":619.35,"endTime":622.2,"body":"contract and make those don't"},{"speaker":"David Finneran","startTime":622.2,"endTime":624.63,"body":"corrections without bringing"},{"speaker":"David Finneran","startTime":622.2,"endTime":624.63,"body":"suit against the design"},{"speaker":"David Finneran","startTime":624.63,"endTime":627.4200000000001,"body":"professional directly. So it"},{"speaker":"David Finneran","startTime":624.63,"endTime":627.4200000000001,"body":"kind of bypasses the whole"},{"speaker":"David Finneran","startTime":627.4200000000001,"endTime":630.3900000000001,"body":"litigation chamber. And it"},{"speaker":"David Finneran","startTime":627.4200000000001,"endTime":630.3900000000001,"body":"brings it into something where"},{"speaker":"David Finneran","startTime":630.3900000000001,"endTime":632.58,"body":"now you're in partnership with"},{"speaker":"David Finneran","startTime":630.3900000000001,"endTime":632.58,"body":"the carrier. So it's a great"},{"speaker":"David Finneran","startTime":632.58,"endTime":635.5500000000001,"body":"coverage to have, again, we like"},{"speaker":"David Finneran","startTime":632.58,"endTime":635.5500000000001,"body":"to see both coverages on the"},{"speaker":"David Finneran","startTime":635.5500000000001,"endTime":638.76,"body":"policy, we really feel that"},{"speaker":"David Finneran","startTime":635.5500000000001,"endTime":638.76,"body":"they're both really important."},{"speaker":"David Finneran","startTime":639.12,"endTime":640.98,"body":"And those are some of the main"},{"speaker":"David Finneran","startTime":639.12,"endTime":640.98,"body":"things we look for on the"},{"speaker":"David Finneran","startTime":640.98,"endTime":641.85,"body":"professional side."},{"speaker":"Dan Wentz","startTime":641.9100000000001,"endTime":643.95,"body":"Yeah, sounds like"},{"speaker":"Dan Wentz","startTime":641.9100000000001,"endTime":643.95,"body":"something you should definitely"},{"speaker":"Dan Wentz","startTime":643.95,"endTime":647.82,"body":"add, especially if you're doing"},{"speaker":"Dan Wentz","startTime":643.95,"endTime":647.82,"body":"some sort of large project or"},{"speaker":"Dan Wentz","startTime":647.82,"endTime":651.12,"body":"have a client that's working in"},{"speaker":"Dan Wentz","startTime":647.82,"endTime":651.12,"body":"a large project space like that."},{"speaker":"Dan Wentz","startTime":651.3900000000001,"endTime":654.6,"body":"Is this something that applies"},{"speaker":"Dan Wentz","startTime":651.3900000000001,"endTime":654.6,"body":"to just large businesses? Are we"},{"speaker":"Dan Wentz","startTime":654.6,"endTime":657.69,"body":"talking about small businesses"},{"speaker":"Dan Wentz","startTime":654.6,"endTime":657.69,"body":"to or does it run the whole"},{"speaker":"Dan Wentz","startTime":657.69,"endTime":658.11,"body":"gamut,"},{"speaker":"David Finneran","startTime":658.23,"endTime":660.09,"body":"it can be a"},{"speaker":"David Finneran","startTime":658.23,"endTime":660.09,"body":"large or a small business, the"},{"speaker":"David Finneran","startTime":660.09,"endTime":662.58,"body":"essential part to both those"},{"speaker":"David Finneran","startTime":660.09,"endTime":662.58,"body":"coverages is that you as a"},{"speaker":"David Finneran","startTime":662.58,"endTime":665.34,"body":"contractor, hire that design"},{"speaker":"David Finneran","startTime":662.58,"endTime":665.34,"body":"team, and then you realize"},{"speaker":"David Finneran","startTime":665.34,"endTime":668.4300000000001,"body":"there's a design error. And that"},{"speaker":"David Finneran","startTime":665.34,"endTime":668.4300000000001,"body":"when the coverage really kind of"},{"speaker":"David Finneran","startTime":668.4300000000001,"endTime":672.0,"body":"takes takes effect. So it's it's"},{"speaker":"David Finneran","startTime":668.4300000000001,"endTime":672.0,"body":"a question of, if you're, if"},{"speaker":"David Finneran","startTime":672.0,"endTime":673.6800000000001,"body":"you're the guy doing the"},{"speaker":"David Finneran","startTime":672.0,"endTime":673.6800000000001,"body":"framing, and you're just"},{"speaker":"David Finneran","startTime":673.6800000000001,"endTime":676.95,"body":"following specs, it's not really"},{"speaker":"David Finneran","startTime":673.6800000000001,"endTime":676.95,"body":"a necessary coverage, although"},{"speaker":"David Finneran","startTime":676.95,"endTime":680.49,"body":"we'd like to add it in for belt"},{"speaker":"David Finneran","startTime":676.95,"endTime":680.49,"body":"and suspenders. But if you are"},{"speaker":"David Finneran","startTime":680.49,"endTime":684.2700000000001,"body":"somebody who is responsible to"},{"speaker":"David Finneran","startTime":680.49,"endTime":684.2700000000001,"body":"hire a design team, or select a"},{"speaker":"David Finneran","startTime":684.2700000000001,"endTime":687.8100000000001,"body":"design from three different"},{"speaker":"David Finneran","startTime":684.2700000000001,"endTime":687.8100000000001,"body":"designs, let's just say, and you"},{"speaker":"David Finneran","startTime":687.8100000000001,"endTime":690.0,"body":"say this is the best design that"},{"speaker":"David Finneran","startTime":687.8100000000001,"endTime":690.0,"body":"we have, and you find out"},{"speaker":"David Finneran","startTime":690.0,"endTime":692.22,"body":"there's a problem later on, you"},{"speaker":"David Finneran","startTime":690.0,"endTime":692.22,"body":"want to have those coverages in"},{"speaker":"David Finneran","startTime":692.22,"endTime":692.73,"body":"place,"},{"speaker":"Dan Wentz","startTime":692.76,"endTime":695.7900000000001,"body":"what's the premium"},{"speaker":"Dan Wentz","startTime":692.76,"endTime":695.7900000000001,"body":"range for this premiums do"},{"speaker":"David Finneran","startTime":695.7900000000001,"endTime":698.58,"body":"vary a bit, they"},{"speaker":"David Finneran","startTime":695.7900000000001,"endTime":698.58,"body":"start around $2,500 on the low"},{"speaker":"David Finneran","startTime":698.58,"endTime":702.87,"body":"risk spectrum. And usually entry"},{"speaker":"David Finneran","startTime":698.58,"endTime":702.87,"body":"level is 7500 to 10,000, on the"},{"speaker":"David Finneran","startTime":702.87,"endTime":706.44,"body":"high risk spectrum for an"},{"speaker":"David Finneran","startTime":702.87,"endTime":706.44,"body":"average size, midsize firm under"},{"speaker":"David Finneran","startTime":706.44,"endTime":709.38,"body":"a million dollars in revenues."},{"speaker":"David Finneran","startTime":706.44,"endTime":709.38,"body":"And again, that all depends upon"},{"speaker":"David Finneran","startTime":709.38,"endTime":713.01,"body":"what we're looking to do. But"},{"speaker":"David Finneran","startTime":709.38,"endTime":713.01,"body":"it's a good base point. It's a"},{"speaker":"David Finneran","startTime":713.01,"endTime":716.58,"body":"low entry level cost. And the"},{"speaker":"David Finneran","startTime":713.01,"endTime":716.58,"body":"nice thing about these programs,"},{"speaker":"David Finneran","startTime":716.58,"endTime":719.19,"body":"too, is that you're not just"},{"speaker":"David Finneran","startTime":716.58,"endTime":719.19,"body":"getting professional with it."},{"speaker":"David Finneran","startTime":719.5500000000001,"endTime":722.7,"body":"But we're also looking to add"},{"speaker":"David Finneran","startTime":719.5500000000001,"endTime":722.7,"body":"contractor pollution, which is"},{"speaker":"David Finneran","startTime":722.7,"endTime":725.34,"body":"another whole dimension. So any"},{"speaker":"David Finneran","startTime":722.7,"endTime":725.34,"body":"of these guys that general"},{"speaker":"David Finneran","startTime":725.34,"endTime":729.12,"body":"contractors, design, build"},{"speaker":"David Finneran","startTime":725.34,"endTime":729.12,"body":"contractors, your HVAC"},{"speaker":"David Finneran","startTime":729.12,"endTime":732.0600000000001,"body":"contractors, anybody that has a"},{"speaker":"David Finneran","startTime":729.12,"endTime":732.0600000000001,"body":"hands on exposure needs"},{"speaker":"David Finneran","startTime":732.0600000000001,"endTime":735.1800000000001,"body":"contracted pollution, because"},{"speaker":"David Finneran","startTime":732.0600000000001,"endTime":735.1800000000001,"body":"quite honestly, it's just not"},{"speaker":"David Finneran","startTime":735.1800000000001,"endTime":739.2900000000001,"body":"covered by the GL. The GL has a"},{"speaker":"David Finneran","startTime":735.1800000000001,"endTime":739.2900000000001,"body":"specific pollution conditions"},{"speaker":"David Finneran","startTime":739.2900000000001,"endTime":742.8000000000001,"body":"exclusion on it eight times out"},{"speaker":"David Finneran","startTime":739.2900000000001,"endTime":742.8000000000001,"body":"of 10, we typically find that"},{"speaker":"David Finneran","startTime":742.8000000000001,"endTime":746.19,"body":"there's a total pollution"},{"speaker":"David Finneran","startTime":742.8000000000001,"endTime":746.19,"body":"exclusion added to that GL, or"},{"speaker":"David Finneran","startTime":746.19,"endTime":750.24,"body":"we see a very limited sudden and"},{"speaker":"David Finneran","startTime":746.19,"endTime":750.24,"body":"abrupt pollution coverage on job"},{"speaker":"David Finneran","startTime":750.24,"endTime":754.9200000000001,"body":"sites only. On a standard"},{"speaker":"David Finneran","startTime":750.24,"endTime":754.9200000000001,"body":"carries endorsement. The"},{"speaker":"David Finneran","startTime":754.9200000000001,"endTime":758.0400000000001,"body":"contractor pollution policy"},{"speaker":"David Finneran","startTime":754.9200000000001,"endTime":758.0400000000001,"body":"works in conjunction for the"},{"speaker":"David Finneran","startTime":758.0400000000001,"endTime":761.85,"body":"hands on activities, just like"},{"speaker":"David Finneran","startTime":758.0400000000001,"endTime":761.85,"body":"your professional works for your"},{"speaker":"David Finneran","startTime":761.85,"endTime":766.32,"body":"advice in your pre construction,"},{"speaker":"David Finneran","startTime":761.85,"endTime":766.32,"body":"selection of subs, etc. The"},{"speaker":"David Finneran","startTime":766.4100000000001,"endTime":769.2900000000001,"body":"pollution is for your day to day"},{"speaker":"David Finneran","startTime":766.4100000000001,"endTime":769.2900000000001,"body":"hands on activity and what we"},{"speaker":"David Finneran","startTime":769.2900000000001,"endTime":772.8900000000001,"body":"like to see what that part of"},{"speaker":"David Finneran","startTime":769.2900000000001,"endTime":772.8900000000001,"body":"the policy is, even though it's"},{"speaker":"David Finneran","startTime":772.8900000000001,"endTime":776.07,"body":"on a combo in your professionals"},{"speaker":"David Finneran","startTime":772.8900000000001,"endTime":776.07,"body":"typically claims made, we try to"},{"speaker":"David Finneran","startTime":776.07,"endTime":779.34,"body":"bring the pollution onto an"},{"speaker":"David Finneran","startTime":776.07,"endTime":779.34,"body":"occurrence form. We try to make"},{"speaker":"David Finneran","startTime":779.34,"endTime":781.8900000000001,"body":"sure that there's mold whenever"},{"speaker":"David Finneran","startTime":779.34,"endTime":781.8900000000001,"body":"possible. Mold is on and"},{"speaker":"David Finneran","startTime":781.8900000000001,"endTime":786.3900000000001,"body":"occurrence as well. We cover"},{"speaker":"David Finneran","startTime":781.8900000000001,"endTime":786.3900000000001,"body":"transport from the point that"},{"speaker":"David Finneran","startTime":786.3900000000001,"endTime":789.69,"body":"you leave your yard to the point"},{"speaker":"David Finneran","startTime":786.3900000000001,"endTime":789.69,"body":"that you get waste materials to"},{"speaker":"David Finneran","startTime":789.69,"endTime":793.38,"body":"non on disposal sites. If you're"},{"speaker":"David Finneran","startTime":789.69,"endTime":793.38,"body":"a GC, we're looking to make sure"},{"speaker":"David Finneran","startTime":793.38,"endTime":795.6,"body":"that you're covering the"},{"speaker":"David Finneran","startTime":793.38,"endTime":795.6,"body":"subcontractors for that exposure"},{"speaker":"David Finneran","startTime":795.6,"endTime":798.69,"body":"as well. The other thing we're"},{"speaker":"David Finneran","startTime":795.6,"endTime":798.69,"body":"looking to cover with contracted"},{"speaker":"David Finneran","startTime":798.69,"endTime":803.1600000000001,"body":"pollution liability is at a"},{"speaker":"David Finneran","startTime":798.69,"endTime":803.1600000000001,"body":"minimum, we try to add in sudden"},{"speaker":"David Finneran","startTime":803.1600000000001,"endTime":806.4000000000001,"body":"and abrupt coverage at the"},{"speaker":"David Finneran","startTime":803.1600000000001,"endTime":806.4000000000001,"body":"insured zone location. And the"},{"speaker":"David Finneran","startTime":806.4000000000001,"endTime":808.23,"body":"reason that this is really"},{"speaker":"David Finneran","startTime":806.4000000000001,"endTime":808.23,"body":"important, I can give you a"},{"speaker":"David Finneran","startTime":808.23,"endTime":812.5500000000001,"body":"concrete example of it. We know"},{"speaker":"David Finneran","startTime":808.23,"endTime":812.5500000000001,"body":"of an insulation contractor here"},{"speaker":"David Finneran","startTime":812.5500000000001,"endTime":816.24,"body":"in Massachusetts that several"},{"speaker":"David Finneran","startTime":812.5500000000001,"endTime":816.24,"body":"years ago came to us after they"},{"speaker":"David Finneran","startTime":816.24,"endTime":818.85,"body":"had pollution loss. And"},{"speaker":"David Finneran","startTime":816.24,"endTime":818.85,"body":"basically what happened there"},{"speaker":"David Finneran","startTime":818.85,"endTime":821.7900000000001,"body":"was that they had a fire on"},{"speaker":"David Finneran","startTime":818.85,"endTime":821.7900000000001,"body":"their site, they had a storage"},{"speaker":"David Finneran","startTime":821.7900000000001,"endTime":825.4200000000001,"body":"shed with insulation materials."},{"speaker":"David Finneran","startTime":821.7900000000001,"endTime":825.4200000000001,"body":"And in the shed burnt down, the"},{"speaker":"David Finneran","startTime":825.4200000000001,"endTime":829.44,"body":"pollution seeped into the ground"},{"speaker":"David Finneran","startTime":825.4200000000001,"endTime":829.44,"body":"through the concrete pad, the"},{"speaker":"David Finneran","startTime":829.44,"endTime":832.8000000000001,"body":"DPW came out with the fire"},{"speaker":"David Finneran","startTime":829.44,"endTime":832.8000000000001,"body":"department and they said, Okay,"},{"speaker":"David Finneran","startTime":832.86,"endTime":835.23,"body":"you can rebuild it. They didn't"},{"speaker":"David Finneran","startTime":832.86,"endTime":835.23,"body":"find any arson or any"},{"speaker":"David Finneran","startTime":835.23,"endTime":838.62,"body":"misgivings, of course. But then"},{"speaker":"David Finneran","startTime":835.23,"endTime":838.62,"body":"they said, in order for you to"},{"speaker":"David Finneran","startTime":838.62,"endTime":841.2,"body":"rebuild it, you need to clean up"},{"speaker":"David Finneran","startTime":838.62,"endTime":841.2,"body":"this site now, because"},{"speaker":"David Finneran","startTime":841.2900000000001,"endTime":843.96,"body":"pollutants have gotten into the"},{"speaker":"David Finneran","startTime":841.2900000000001,"endTime":843.96,"body":"ground. And when things get into"},{"speaker":"David Finneran","startTime":843.96,"endTime":846.0600000000001,"body":"the ground, if you can picture a"},{"speaker":"David Finneran","startTime":843.96,"endTime":846.0600000000001,"body":"mole in your own body and you"},{"speaker":"David Finneran","startTime":846.0600000000001,"endTime":848.5200000000001,"body":"have a doctor remove that. It's"},{"speaker":"David Finneran","startTime":846.0600000000001,"endTime":848.5200000000001,"body":"not just a mole, it's a"},{"speaker":"David Finneran","startTime":848.5200000000001,"endTime":851.76,"body":"circumference around that. So"},{"speaker":"David Finneran","startTime":848.5200000000001,"endTime":851.76,"body":"that's where the expense gets"},{"speaker":"David Finneran","startTime":851.76,"endTime":855.84,"body":"created. If you near water, it"},{"speaker":"David Finneran","startTime":851.76,"endTime":855.84,"body":"gets even worse. Average cost of"},{"speaker":"David Finneran","startTime":855.84,"endTime":860.34,"body":"cleanup things is about anywhere"},{"speaker":"David Finneran","startTime":855.84,"endTime":860.34,"body":"from 70 to $150,000, when there"},{"speaker":"David Finneran","startTime":860.34,"endTime":862.83,"body":"is some kind of a pollution"},{"speaker":"David Finneran","startTime":860.34,"endTime":862.83,"body":"contaminant and that type of"},{"speaker":"David Finneran","startTime":862.83,"endTime":866.7900000000001,"body":"situation. In this case, because"},{"speaker":"David Finneran","startTime":862.83,"endTime":866.7900000000001,"body":"that contractor didn't have"},{"speaker":"David Finneran","startTime":866.7900000000001,"endTime":870.1500000000001,"body":"contracted pollution with sudden"},{"speaker":"David Finneran","startTime":866.7900000000001,"endTime":870.1500000000001,"body":"and abrupt coverage, he ended up"},{"speaker":"David Finneran","startTime":870.1500000000001,"endTime":874.11,"body":"or they ended up I should say,"},{"speaker":"David Finneran","startTime":870.1500000000001,"endTime":874.11,"body":"paying out about $80,000 in"},{"speaker":"David Finneran","startTime":874.11,"endTime":876.57,"body":"order to clean up the site"},{"speaker":"David Finneran","startTime":874.11,"endTime":876.57,"body":"before they could rebuild their"},{"speaker":"David Finneran","startTime":876.57,"endTime":880.11,"body":"shed. So the geo area basically"},{"speaker":"David Finneran","startTime":876.57,"endTime":880.11,"body":"said sorry, we've got a total"},{"speaker":"David Finneran","startTime":880.11,"endTime":883.1400000000001,"body":"pollution exclusion, the"},{"speaker":"David Finneran","startTime":880.11,"endTime":883.1400000000001,"body":"property carriers that would"},{"speaker":"David Finneran","startTime":883.1400000000001,"endTime":886.11,"body":"love to rebuild it, but not to"},{"speaker":"David Finneran","startTime":883.1400000000001,"endTime":886.11,"body":"clean it up. And the DEP said,"},{"speaker":"David Finneran","startTime":886.11,"endTime":888.96,"body":"Guess what, it's your site, you"},{"speaker":"David Finneran","startTime":886.11,"endTime":888.96,"body":"clean it up. And so that's kind"},{"speaker":"David Finneran","startTime":888.96,"endTime":892.38,"body":"of the issue where some people"},{"speaker":"David Finneran","startTime":888.96,"endTime":892.38,"body":"forget that with a contract of"},{"speaker":"David Finneran","startTime":892.38,"endTime":895.71,"body":"pollution, you want coverage at"},{"speaker":"David Finneran","startTime":892.38,"endTime":895.71,"body":"your site coverage, moving from"},{"speaker":"David Finneran","startTime":895.71,"endTime":897.9300000000001,"body":"your site all the way to the job"},{"speaker":"David Finneran","startTime":895.71,"endTime":897.9300000000001,"body":"site, and then all the way to"},{"speaker":"David Finneran","startTime":897.9300000000001,"endTime":901.23,"body":"the disposal area, as well as"},{"speaker":"David Finneran","startTime":897.9300000000001,"endTime":901.23,"body":"coverage while at that disposal"},{"speaker":"David Finneran","startTime":901.23,"endTime":901.6500000000001,"body":"site."},{"speaker":"Dan Wentz","startTime":901.86,"endTime":905.01,"body":"So let's talk about"},{"speaker":"Dan Wentz","startTime":901.86,"endTime":905.01,"body":"how can, how can agents best"},{"speaker":"Dan Wentz","startTime":905.01,"endTime":908.07,"body":"help their clients with this?"},{"speaker":"Dan Wentz","startTime":905.01,"endTime":908.07,"body":"And then how best can you guys"},{"speaker":"Dan Wentz","startTime":908.07,"endTime":911.7900000000001,"body":"help and what advantages do you"},{"speaker":"Dan Wentz","startTime":908.07,"endTime":911.7900000000001,"body":"bring in and how does that in"},{"speaker":"Dan Wentz","startTime":911.7900000000001,"endTime":913.62,"body":"turn help agents help their"},{"speaker":"Dan Wentz","startTime":911.7900000000001,"endTime":913.62,"body":"clients?"},{"speaker":"David Finneran","startTime":913.86,"endTime":915.87,"body":"Basically, I get"},{"speaker":"David Finneran","startTime":913.86,"endTime":915.87,"body":"asked a lot of times when"},{"speaker":"David Finneran","startTime":915.87,"endTime":918.1800000000001,"body":"someone calls me they're talking"},{"speaker":"David Finneran","startTime":915.87,"endTime":918.1800000000001,"body":"about this well who writes this"},{"speaker":"David Finneran","startTime":918.1800000000001,"endTime":921.69,"body":"coverage? And I think the best"},{"speaker":"David Finneran","startTime":918.1800000000001,"endTime":921.69,"body":"answer to that is that we write"},{"speaker":"David Finneran","startTime":921.69,"endTime":924.84,"body":"this coverage CRC writes his"},{"speaker":"David Finneran","startTime":921.69,"endTime":924.84,"body":"coverage. And we have a team of"},{"speaker":"David Finneran","startTime":924.84,"endTime":927.6,"body":"both professional and"},{"speaker":"David Finneran","startTime":924.84,"endTime":927.6,"body":"environmental experts that do"},{"speaker":"David Finneran","startTime":927.6,"endTime":931.11,"body":"deal in this product line. And"},{"speaker":"David Finneran","startTime":927.6,"endTime":931.11,"body":"one of the nice things is is"},{"speaker":"David Finneran","startTime":931.11,"endTime":934.9200000000001,"body":"that at CRC, everybody takes"},{"speaker":"David Finneran","startTime":931.11,"endTime":934.9200000000001,"body":"this coverage serious. I could"},{"speaker":"David Finneran","startTime":934.9200000000001,"endTime":937.7700000000001,"body":"read 17 different forms. And I"},{"speaker":"David Finneran","startTime":934.9200000000001,"endTime":937.7700000000001,"body":"could tell you 17 different"},{"speaker":"David Finneran","startTime":937.7700000000001,"endTime":940.1700000000001,"body":"things about the grant of"},{"speaker":"David Finneran","startTime":937.7700000000001,"endTime":940.1700000000001,"body":"professional grants of"},{"speaker":"David Finneran","startTime":940.1700000000001,"endTime":943.2900000000001,"body":"collusion, what is and what"},{"speaker":"David Finneran","startTime":940.1700000000001,"endTime":943.2900000000001,"body":"isn't covered. And I can tell"},{"speaker":"David Finneran","startTime":943.2900000000001,"endTime":946.86,"body":"you that the people in our area"},{"speaker":"David Finneran","startTime":943.2900000000001,"endTime":946.86,"body":"in CRC that are specializing in"},{"speaker":"David Finneran","startTime":946.86,"endTime":949.83,"body":"this, just like myself, are"},{"speaker":"David Finneran","startTime":946.86,"endTime":949.83,"body":"taking this coverage serious."},{"speaker":"David Finneran","startTime":949.83,"endTime":952.5300000000001,"body":"And so we give you concrete"},{"speaker":"David Finneran","startTime":949.83,"endTime":952.5300000000001,"body":"feedback that you can take back"},{"speaker":"David Finneran","startTime":952.5300000000001,"endTime":955.86,"body":"to your insured, we can review a"},{"speaker":"David Finneran","startTime":952.5300000000001,"endTime":955.86,"body":"policy that's in place, tell you"},{"speaker":"David Finneran","startTime":955.86,"endTime":959.34,"body":"if it's adequate. We can take"},{"speaker":"David Finneran","startTime":955.86,"endTime":959.34,"body":"policies rate them good, better,"},{"speaker":"David Finneran","startTime":959.34,"endTime":962.5200000000001,"body":"best we can tell, you know, we"},{"speaker":"David Finneran","startTime":959.34,"endTime":962.5200000000001,"body":"can do our analysis. And we're"},{"speaker":"David Finneran","startTime":962.5500000000001,"endTime":965.6400000000001,"body":"always willing to share that"},{"speaker":"David Finneran","startTime":962.5500000000001,"endTime":965.6400000000001,"body":"information without brokers. I"},{"speaker":"David Finneran","startTime":965.6400000000001,"endTime":968.7900000000001,"body":"think what makes us different is"},{"speaker":"David Finneran","startTime":965.6400000000001,"endTime":968.7900000000001,"body":"that if for whatever reason I"},{"speaker":"David Finneran","startTime":968.7900000000001,"endTime":971.94,"body":"had a question about a policy or"},{"speaker":"David Finneran","startTime":968.7900000000001,"endTime":971.94,"body":"somebody else did, we can pick"},{"speaker":"David Finneran","startTime":971.94,"endTime":975.0300000000001,"body":"up the phone at CRC and we talk"},{"speaker":"David Finneran","startTime":971.94,"endTime":975.0300000000001,"body":"to each other all the time about"},{"speaker":"David Finneran","startTime":975.0300000000001,"endTime":978.0600000000001,"body":"these coverages. That's one of"},{"speaker":"David Finneran","startTime":975.0300000000001,"endTime":978.0600000000001,"body":"the main things that I can tell"},{"speaker":"David Finneran","startTime":978.0600000000001,"endTime":981.09,"body":"you about CRC that's different"},{"speaker":"David Finneran","startTime":978.0600000000001,"endTime":981.09,"body":"from other brokers that people"},{"speaker":"David Finneran","startTime":981.09,"endTime":985.23,"body":"talk to me about from the retail"},{"speaker":"David Finneran","startTime":981.09,"endTime":985.23,"body":"side talking to me, we are not"},{"speaker":"David Finneran","startTime":985.23,"endTime":987.9300000000001,"body":"afraid to reach out for further"},{"speaker":"David Finneran","startTime":985.23,"endTime":987.9300000000001,"body":"expertise whenever it's needed."},{"speaker":"David Finneran","startTime":987.9300000000001,"endTime":990.96,"body":"If it's beyond our scope for"},{"speaker":"David Finneran","startTime":987.9300000000001,"endTime":990.96,"body":"what we do, we're going to reach"},{"speaker":"David Finneran","startTime":990.96,"endTime":993.72,"body":"out to the next person at the"},{"speaker":"David Finneran","startTime":990.96,"endTime":993.72,"body":"next level to take care of your"},{"speaker":"David Finneran","startTime":993.72,"endTime":997.2,"body":"client and you. And I think"},{"speaker":"David Finneran","startTime":993.72,"endTime":997.2,"body":"that's a huge advantage of CRC"},{"speaker":"David Finneran","startTime":997.2,"endTime":1000.74,"body":"that other folks may or may not"},{"speaker":"David Finneran","startTime":997.2,"endTime":1000.74,"body":"have, but I know that we do have"},{"speaker":"Dan Wentz","startTime":1000.83,"endTime":1003.8000000000001,"body":"absolutely. And to"},{"speaker":"Dan Wentz","startTime":1000.83,"endTime":1003.8000000000001,"body":"get a hold of a CRC broker near"},{"speaker":"Dan Wentz","startTime":1003.8000000000001,"endTime":1007.34,"body":"you. It's as simple as heading"},{"speaker":"Dan Wentz","startTime":1003.8000000000001,"endTime":1007.34,"body":"to our website, CRC group COMM"},{"speaker":"Dan Wentz","startTime":1007.34,"endTime":1010.1600000000001,"body":"And there's a producer search up"},{"speaker":"Dan Wentz","startTime":1007.34,"endTime":1010.1600000000001,"body":"there, just look through that"},{"speaker":"Dan Wentz","startTime":1010.1600000000001,"endTime":1013.01,"body":"find someone who you think can"},{"speaker":"Dan Wentz","startTime":1010.1600000000001,"endTime":1013.01,"body":"help you out and if they can't"},{"speaker":"Dan Wentz","startTime":1013.01,"endTime":1015.83,"body":"help you out, they'll find"},{"speaker":"Dan Wentz","startTime":1013.01,"endTime":1015.83,"body":"someone who can. David, thank"},{"speaker":"Dan Wentz","startTime":1015.83,"endTime":1019.73,"body":"you lots of great information"},{"speaker":"Dan Wentz","startTime":1015.83,"endTime":1019.73,"body":"here today and I appreciate you"},{"speaker":"Dan Wentz","startTime":1019.73,"endTime":1021.35,"body":"taking the time to be on the"},{"speaker":"Dan Wentz","startTime":1019.73,"endTime":1021.35,"body":"podcast with me."},{"speaker":"David Finneran","startTime":1021.59,"endTime":1023.1500000000001,"body":"It's been a"},{"speaker":"David Finneran","startTime":1021.59,"endTime":1023.1500000000001,"body":"complete pleasure and thanks a"},{"speaker":"David Finneran","startTime":1023.1500000000001,"endTime":1024.08,"body":"lot for setting it up Dan"}]}