Navigating Risk Management in Construction Projects

Triax Technologies’ Spot-R system

If someone fell on-site, how long would it take to notify a medic? If the site needed to be evacuated, can you be sure all the workers left the site? Triax Technologies’ Spot-R system provides a unique opportunity to track and utilize real-time accident and location data while workers are mobilized onsite with the central goal of improving safety and security.  Earlier this year, Gilbane Building Company and Travelers Insurance were honored to be named the “Risk Management Team of the Year” by Business Insurance magazine for using Spot-R as an advanced form of Risk Management and for pioneering for the use of wearable technology in construction.

But Gilbane’s Risk Management expertise extends beyond breaking the mold with wearable safety technology just as risk extends beyond the job worksite. That is why our team of 20 professionals deliver options to reduce those risks, through our in-house insurance programs including:

1. Contractor Controlled Insurance Program (CCIP)
2. Subcontractor Default Insurance (SDI), and
3. Builders Risk Insurance (BRI).

CCIP

CCIP is the preferred wrap-up insurance coverage for projects exceeding $25 million in contract value.  Utilizing an experienced in-house claims and risk management team, Gilbane’s CCIP offers comprehensive coverage while minimizing the amount of time and collateral our client invests in claims.

SDI

One of the greatest risks on any project is the risk of subcontractor default.  We manage this risk by engaging in a rigorous subcontractor prequalification process that is required prior to any bidding. Through this effort, and by aggregating the SDI policy company-wide, Gilbane can provide a competitive Default Insurance rate, as well as uniform and adequate coverage across the eligible subcontractors. SDI allows Gilbane to control the actions taken in the event of a default, which minimizes the impact to other trades and the overall project schedule.

BRI

BRI is a coverage that is often overlooked or assumed to be included in General Liability or Property Insurance.  But when something goes wrong during construction and the work itself is compromised, Gilbane’s BRI is the preferred coverage of our clients.  Traditional BRI has numerous problematic exclusions including mold, no coverage for temporary structures, sitework, or work stored offsite. Gilbane’s policy is continuously refined and updated by construction risk management experts to provide the best coverage for both the project and the client, with specific inclusions to get the project up and running as soon as possible with fewer delays or issues.

Whether it’s the Prequalification Analysts managing subcontractor prequalification months before anyone sees activity onsite, or the claims team working through the night to ensure that developing claims and issues are handled, we are committed to protecting client interests both on the front lines, utilizing technology such as the Spot-R wearables, and from the office through management of our in-house insurance products.