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TheStreet Open House

New ACE White Paper Examines Risk Management Strategies: Building A Successful Construction Wrap-Up Program

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.”

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