HAMILTON, N.J. (December 1, 2016) – Joseph Nawa, a senior consultant at New Day Underwriting Managers LLC recently discussed the risks associated with everyday liability exposures at the 36th Annual IRMI Construction Risk Conference, held in Orlando, Florida.
During his presentation to hundreds of conference attendees, Nawa addressed the procedures for “Creating Environmental Risk Profiles” designed to mitigate the risks and financial responsibilities resulting from the problems that can occur in today’s extremely litigious construction environment. This included highlighting the potential impact of specific exposures, the coverage types available in the marketplace to minimize financial damages and the variations in policies among the industry’s numerous carriers.
“Risk management provides an excellent method for protecting against the potentially catastrophic environmental liability issues faced by firms during the construction process,” said Nawa. “It is essential to thoroughly understand the underlying consequences and potential financial repercussions before the contract is even signed, through every building phase, and even beyond completion.”
Delivering his comments during two separate presentations, Nawa examined the entire risk management process beginning with a review of the organization’s operations and extending to the identification of environmental exposures that exist on jobsites, owned or leased premises, during transportation, or after the disposal of waste.
“When in doubt, seek professional advice and guidance in establishing a risk management approach to environmental exposures,” said Nawa. “Never underestimate the financial impact of potential problems. The risk is just too high.”
For more information, visit New Day Underwriting.
