For every project we perform a risk management analysis to identify and appraise all potential exposures to loss. We then develop the most economical strategies to minimize, monitor, and control the probability and/or impact of unfortunate events. Our strategies for managing risk include risk avoidance, risk control, equitable allocation of risk to the appropriate party, minimizing its negative effect and insuring against contingent, uncertain consequences of the risks inevitable in the construction industry.
Risk Management
As part of our risk management program we:
- Conduct a preconstruction risk analysis to identify potential safety concerns and risk exposures.
- Analyze the cost/benefit of a wide variety of insurance products such as default subcontractors insurance product, as well as surety underwriters’ payment and performance bonds for protecting our clients’ and our interests while responding to their lenders’ requirements.
- Determine how best to allocate the risks identified and evaluate program options such as project specific OCIPS and wrap-ups to identify the most cost-effective approach for providing adequate, comprehensive coverage.
- Review contractual agreements among all project stakeholders to ensure that they are consistent with the selected insurance program.
- Define specific insurance coverage requirements for trade contractors, and their subcontractors of every tier and secure the appropriate insurance certificates and endorsements prior to allowing the trade contractors and their subcontractors to mobilize on site.
- Develop and enforce detailed, project-specific health and safety, and loss-prevention plans.
- Develop and implement procedures for identifying, documenting and immediately correcting unsafe work practices or conditions.
- Develop an emergency response program tailored to each project.
- Monitor compliance with health and safety, and loss prevention plans for effectiveness, and immediately address any non-compliance.