Construction

UIC specifications yield results 35% below budget

UIC in the past several years has provided its contract review, risk strategy, and sourcing for various construction projects from 1 billion dollar commercial office building and hotel and convention centers to the latest multi-use residential and commercial in New York City. These cases were from ownership as well as construction manager perspective.

In all cases contracts between all parties were properly reviewed and Coordinated with legal and insurance so there were no gaps.

Insurance was sourced using UIC’s proprietary specifications and intellectual capital yielding coverage and results 35% below budget set forth by leading brokerage and insurers.

Claims handling and subcontract review were established yielding a smooth process and lower risk profile.

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Additional Case Study: General Liability Policy

Defective Products Extension (Rip and Tear Endorsement)

The Xavier Yard Zoning (XYZ) Corporation is a large privately owned concrete and rebar company based in Fort Worth, Texas. XYZ Corp has secured a contract to supply concrete and rebar building materials for a new 40-story hotel being constructed in downtown Dallas valued at $100 million in supplies, labor, and potential revenue. They have a risk management department managed by Teddy Johnson (TJ), who has been in the risk management business for the last 15 years.

They were using a super regional broker and have garnered all of the required coverages and bonds for a low deductible General Liability policy a first-dollar Workers’ Compensation policy and a low deductible third-party employer liability policy.

To save money, they retained UIC’s services as an insurance consultant to assist in the renewal of XYZ’s policy. We were able to market the program to a variety of markets and secured:

• A higher $100,000 deductible General Liability policy
• $100,000 Workers’ Compensation Policy
• A third-party employer liability policy, also with a $100,000 deductible.

We made the loss projections based on their 5 years of loss history and projected that even with a slight increase in claims XYZ would significantly benefit from executing your risk program. TJ and the XYZ management team were ecstatic about the savings and with the capital were able to competitively bid and win the Dallas Hotel project with the working capital saved in the insurance fixed costs.