The Building BITE

Please tune in to this episode of The Building BITE Podcast, as we hear from industry experts about key topics to help you be successful. The Building BITE hosts Chris Epps, LEED AP and Mike Diercksen, CRIS, welcome Daniel Fulcher, Account Executive Director of Construction Services at Travelers. We begin the episode by discussing Daniel’s professional career, where he came up through the ranks in the Surety Space specifically in the Carolinas. Roughly four and a half years ago Damiel joined the Travelers team tasked with developing PLI or “Project Loss Insurance” taking it from concept to market. It is certainly exciting times for the new product, and with that Daniel can leave our audience with some unique take aways with regards to this new line of insurance: 1. Don’t Allow Yourself To Become Numb To Risk: We are all human and it is natural to get comfortable when things are going well. It is important to always keep yourself honest and fight the urge to look through some rose-colored glasses when things are going your way. 2. Project Loss Insurance Is A Resource: Like many other types of risk mitigation, Project Loss Insurance is a resource available to the market to hedge against catastrophic risk. It is best to understand all sorts of risk mitigation strategies to see what fits you and your firms needs. 3. No Such Thing As A Get Out Of Jail Free Card: Like any line of insurance, you would be ill advised to think of it as a get out of jail free card. However, nobody is perfect, and claims are a reality in the construction industry. Creating a strong partnership with your carriers to better understand your risks and develop a strategy can act as the backstop you need to avoid catastrophic loss. To learn more about how you can better prepare your firm for the opportunities ahead, listen to our full podcast episode with Daniel on “Project Loss Insurance, what it covers and how to best utilize it” Please like, share, and subscribe to this podcast!