PHILADELPHIA--(BUSINESS WIRE)--While cities across the U.S. grapple with antiquated water and sewer infrastructures, a new advisory released by ACE Group demonstrates the value and cost savings of implementing a continuous construction insurance program to support capital dollar improvements. “A Decade of Success” outlines Washington, D.C.’s water department, the District of Columbia Water and Sewer Authority (DC Water), and their effective implementation of a rolling owner-controlled insurance program (ROCIP) supporting a ten year program designed to minimize insurance and claims management costs. The advisory is the latest installment in ACE’s series of insurance and risk management perspectives for risk managers.
DC Water worked with the ACE USA Construction division; ESIS, Inc., ACE’s risk management services company; Albert Risk Management Consultants; Aon plc and MFL Consulting to create the ROCIP in an effort to reduce risks and losses. As a result of this program, DC Water has significantly improved safety, streamlined claims handling and avoided millions of dollars in insurance costs, while allowing many prime and subcontractors to obtain insurance.
“For any organization, managing a wide variety of construction projects can be daunting and we are pleased that DC Water chose to adopt the combined expertise of ACE and ESIS for their construction coverage and high level risk management and safety strategies,” said William P. Hazelton, ACE Construction & Environmental Division. “Ten years later, the program, now in its third iteration, continues to provide cost savings, remove obstacles to participation from smaller and minority firms and foster an overall culture of safety. We look forward to another decade of success with DC Water.”
According to Tanya DeLeon, DC Water’s Risk Manager, “Everyone involved in the program was committed to supporting DC Water’s drive to meet its overall goals. Through commitment, communication, collaboration and consistency, DC Water achieved our goals and established important partnerships that will continue to support us in our future endeavors.”
Key highlights from ACE’s advisory include:
To read the full advisory, click here.
ACE Primary Casualty Construction Coverage for Wrap-Ups & Other Project Specific Risks
ACE Construction specializes in multi-year Owner Controlled and Contractor Controlled insurance programs (OCIP/CCIP) to address the risks inherent in construction projects. These range from stand-alone projects and rolling programs with multiple projects, to large plant maintenance wrap-ups.
Coverage & Benefits of an ACE OCIP/CCIP:
Click here to learn more about ACE’s Construction Industry Practice. http://www.acegroup.com/us-en/businesses/construction-industry.aspx
The material presented in this report is not intended to provide legal or other expert advice. It is presented for informational use only. Readers should consult legal counsel or other technical experts, as applicable, to answer any specific questions they may have. Product highlights are summaries only; please see the actual policy for terms and conditions. Product offerings may vary by ACE location.
ESIS®, Inc. (ESIS) is part of ACE Group, providing claim and risk management services to a wide variety of commercial clients. Insurance is provided by insurers within ACE Group. The product information contained herein is a summary only. For more information about ESIS, please visit www.esis.com.
About ACE Group
ACE Group is one of the world’s largest multiline property and casualty insurers. With operations in 54 countries, ACE provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. ACE Limited, the parent company of 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, or follow ACE on Twitter,https://twitter.com/ACEGroupNA.