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.”

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 .

Copyright Business Wire 2010

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