Public Company Information:
NYSE: ACE
PHILADELPHIA--(BUSINESS WIRE)--ACE USA, the U.S.-based retail operations of the ACE Group, today
announced the release of a white paper exploring the importance of
proactively improving safety and effectively managing costs through the
development of a successful construction wrap-up program. This new
report discusses developing a comprehensive strategy to manage the
associated risks of a particular construction project while also helping
to reduce costs related to those risks and exposures, including the cost
of insurance. Additionally, the report emphasizes that communication and
coordination among all parties involved in a wrap-up program, from the
sponsor to the broker and insurer, is a key component to ensuring the
same goal--a successful project.
“Building a Successful Construction Wrap-Up Program,” was authored by
George Cesarini, Vice President of Risk Engineering for ACE
Construction; Joseph Crowther, Vice President and ACE Construction
Claims Client Executive; and Geoffrey Hall, Senior Vice President, ACE
Construction.
“Construction wrap-up programs can provide a number of benefits to
owners, developers, general contractors and subcontractors not only in
terms of cost savings, but also in helping to eliminate potential
exposures,” said Mr. Hall. “Working with an experienced insurer, who
offers the underwriting, risk engineering and claims expertise necessary
to evaluate the extent of risks related to a wrap-up is a key component
in initiating a successful wrap-up program. The ACE Construction
practice understands that wrap-ups can be complex, but our practice has
a proven track record for enhancing safety and ensuring wrap-ups run
smoothly toward a successful conclusion.” He added, “For this reason, we
have developed this report to help those involved in the construction
industry build a comprehensive strategy to manage the risks associated
with a successful wrap-up program.”
In addition to helping to manage a project’s costs, the report explains
how a wrap-up sponsor should build a strong safety culture throughout
the organization and to enhance safety on every project as well as
enforce the same discipline in all of its contractors. According to Mr.
Cesarini, “A safe project requires the participation of everyone from
the chief executive to the workers on the site. It’s in everyone’s best
interest to enhance safety and reduce accidents and claims, which in
turn can reduce overall costs on a wrap-up project. The investment in
safety during a project not only helps to save lives, but it also pays
off in terms of retaining a skilled workforce, enhancing quality and
avoiding costly delays and negative publicity.”
The report also discusses claims handling and litigation coordination as
another critical area of focus during a construction wrap-up. “While
even the most safety-focused company cannot prevent all accidents, it’s
crucial to have a unified claims strategy and work with insurers
experienced in the construction marketplace,” said Mr. Crowther. “When
the initial wrap-up program is put in place, its future success will
depend heavily on the insurer’s claims department working closely with
the sponsor. Once a risk is bound, ensuring a successful wrap-up
requires constant communication and a consolidated, coordinated approach
with the carrier’s claims department to help better manage claims and
litigation strategies.”
To access the report, please visit
our website. The material presented in this report is not intended
to provide legal or other expert advice. It is presented for
informational purposes only. Readers should consult legal counsel or
other experts, as applicable, with any specific questions they may have.
ACE Construction is a division of ACE USA, and part of the ACE Group.
ACE Construction delivers integrated property and casualty insurance
solutions with sophisticated claim management, loss control, risk and
safety engineering; tailored to construction risks from large
loss-sensitive primary wrap-ups, to contractor practices, mid-sized
contractors, owners/developers and professional service firms. For more
information about ACE Construction and its range of products and
services, please visit
our website.
Insurance is provided by insurance companies within the ACE Group. All
products may not be available in all jurisdictions. The product
information above is a summary only. The insurance policy actually
issued contains the terms and limits of the contract.
ACE USA, through its underwriting companies, provides insurance
products and services throughout the U.S. Additional information on ACE
USA and its products and services can be found at www.acegroup.com/us.
The ACE Group is one of the world’s largest multiline property and
casualty insurers. With operations in 53 countries, ACE provides
commercial and personal property and casualty insurance, personal
accident supplemental health insurance, reinsurance, and life insurance
to a diverse group of clients. ACE Limited, the parent company of the
ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a
component of the S&P 500 index. Additional information can be found at: www.acegroup.com.
"While even the most safety-focused company cannot prevent all accidents, it’s crucial to have a unified claims strategy and work with insurers experienced in the construction marketplace"
Contact:
ACE North America Communications
Carla Ferrara, 215-640-4744
carla.ferrara@acegroup.com