Chris Lorsung of Willis of Minnesota, Inc. and Krista
Twesme of MA Mortenson Company will discuss the fundamentals of owner-controlled
and contractor-controlled insurance programs (collectively, “CIPs”). As a
potential cost-savings alternative to the traditional project insurance program,
CIPs (also known in the industry as “wrap ups”) are becoming an increasingly
attractive option for construction projects of all sizes, whether it be a
site-specific CIP established for an individual project or a rolling CIP that
will cover multiple projects over an extended period of time. To evaluate
the advantages and disadvantages of these alternative insurance programs, both
owners and contractors alike will benefit from a deeper understanding of the
types of projects that may benefit from a CIP, how CIPs are implemented and
administered, what types of coverage may be included in a CIP, which contractors
and scopes of work may be covered by a CIP, how project claims are administered
and the potential for conflicts among the insured parties, and how CIPs are
funded through insurance credits and collateral requirements. Drawing on
their practical experience with these issues, Chris Lorsung will discuss the
process Willis employs to broker and administer CIPs for the benefit of its
clients, and Krista Twesme will present the contractor perspective on working
under both the owner-controlled and contractor-controlled insurance program
models. Discussion, questions and input from the audience are welcome and
Lorsung, Senior Vice President, Willis of Minnesota, Inc.
Krista Twesme, Vice President, MA Mortenson Company
Deadline to Register: January 8, 2013
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