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Case Studies - Construction

Risk Management services by Kevin F. Donoghue & AssociatesFlorida Public Water District
KFDA was brought in to provide independent insurance advice related to this client’s $1 billion-plus construction schedule, including negotiating contract and policy language, setting requirements and supporting its OCIP and Builders Risk insurance programs.  In the process of improving insurance coverage under the OCIP program through negotiations with the underwriters and suggesting revisions to the OCIP manuals and documents, we identified significant cost savings in a number of insurance areas.  Following is an excerpt from a document prepared by this client:

“KFDA’ knowledge of the insurance marketplace has proven very cost effective for the District. In addition to saving $140,000 in the reduction of the OCIP administration fee, the negotiations on GMP 2 and 3 resulted in a 1.9 million dollar savings from the original premium quoted by the contractor.”

Subsequent work on the builders risk program increased this $1.9 million avoidance of insurance costs to approximately $7 million.

State School Building Authority
As part of our initial review for this client, we noted that there were a number of large construction and renovation projects scheduled.  We prepared a feasibility analysis of using an OCIP for this work and presented the costs and benefits of such an approach.  When it was decided to implement an OCIP, we developed broker and administrator minimum requirements and managed a competitive proposal process.  After selection of the successful broker-administrator, KFDA is assisting in the manual and document customization process and will act as the Authority’s independent advisor in the management of the OCIP insurance procurement process, as well as exploration of builders risk and owners professional liability policies.

General Contractors and Trades
From general contractors to paving contractors to roofing contractors, we have extensive experience with contractor clients in reducing their total cost of risk.  Our involvement with clients on the owners side, as well, is a valuable asset in contract negotiations with regard to insurance requirements, risk transfer language and beyond.  Please call us for a specific example of how we have helped a contractor in your industry.
 
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