CREPN #6 How to Keep Your Shirt, Pants & Underwear in a Construction Project with Kevin Connelly
CREPN Radio Guest Kevin J. Connolly is a 1985 graduate of Fordham University School of Law. He began his career as a real estate lawyer at the firm of Stroock & Stroock & Lavan, where he became the principal in charge of construction law. He recognized at an early date that construction and insurance have a strong connection,
If you are IN the construction business
And you are not properly insured,
Then sooner or later you will be OUT of business, Likely with a bang.
Recognizing that connection led Mr. Connolly to enroll in the American Institute for Property-Casualty Insurance in order to receive the same training as an insurance underwriter that is taken by insurance professionals. He recognized that just as we coordinate all the construction documents that go into a contract, so, too, it is crucial to coordinate the terms of the contract with the insurance coverage Lawyers are notorious for cooking up insurance requirements that have no relation to the insurance market. The lawyers’ forms are out of date and often no effort is made to ensure that the insurance program can be made to work. He also learned that other peoples’ insurance must be vetted with a hawk’s eye and an attention to detail. He adopted a mantra that he adheres to to this very day.
RTFP Read the FINE policy.
There is no substitute for reviewing the actual insurance policy and making sure that it corresponds to the insurance program that is embedded into contracts. Mr. Connolly has found that working out the details in an insurance program before any claims are presented makes a remarkable difference in getting insurance claims handled and paid with a minimum of disruption.