Insurance Accessibility: How a Structural Engineer Fits Well into Improving the Capabilities of Our Insurance Agency
Dec 29, 2020
Construction insurance poses many challenges when there are gaps in professional knowledge between insurance experience and expertise on the one hand, and engineering knowledge on the other. These gaps can sometimes impair the quality of service – both for the customer and the insurance companies.
This complexity has led us at the Itzick Simon Insurance Agency to integrate a comprehensive response based on a team that includes not only insurance experts but also a civil engineer with extensive experience in executing and managing engineering projects for large contracting companies. This approach allows our clients to benefit from what we define as " insurance accessibility ." What does this mean? Below is the explanation.
The concept of insurance accessibility holds that integrating a structural engineer into our insurance agency, an insurance agency specializing in insurance for the construction industry, provides an effective ability to speak two languages - both the insurance language and the engineering language.
The building engineer acts as a mediator who assists in making information accessible to all parties. His advantages are manifested in two main areas – at the underwriting level and at the claims level.
Construction insurance poses many challenges when there are gaps in professional knowledge between insurance experience and expertise on the one hand, and engineering knowledge on the other. These gaps can sometimes impair the quality of service – both for the customer and the insurance companies.
This complexity has led us at the Itzick Simon Insurance Agency to integrate a comprehensive response based on a team that includes not only insurance experts but also a civil engineer with extensive experience in executing and managing engineering projects for large contracting companies. This approach allows our clients to benefit from what we define as " insurance accessibility ." What does this mean? Below is the explanation.
The concept of insurance accessibility holds that integrating a structural engineer into our insurance agency, an insurance agency specializing in insurance for the construction industry, provides an effective ability to speak two languages - both the insurance language and the engineering language.
The building engineer acts as a mediator who assists in making information accessible to all parties. His advantages are manifested in two main areas – at the underwriting level and at the claims level.
Underwriting stage
Insurance companies do not engage in gambling and offer policies that are based on clear rules of "calculated risk." Insurance accessibility means mapping risks and reducing them. Offering engineering solutions that turn a "gamble" into a "calculated risk," and that assist in arranging proper insurance.
We will explain using a "case study" that we recently handled . The Tower of David Museum in Jerusalem sought to enter into a large-scale project to establish a visitor center and exhibition halls. Since the project was planned adjacent to the walls of the Old City, and on a site estimated to be approximately 3,000 years old, the museum's insurance consultants had difficulty finding an insurance company that would be willing to provide adequate insurance for the project.
When the request was made to us, we were able to bridge the gaps between the parties thanks to an engineering solution that operated in-house, while dealing with a number of challenges, such as concerns about the wall collapsing and restrictions on execution methods by the Israel Antiquities Authority.
The agency's engineering department, headed by senior engineer Omri Nissany, led an excavation to examine the route of the wall below the surface . This was to determine whether the wall is based on "ancient dirt," or on the remains of the ancient wall from the time of Herod.
After it was discovered that the wall was built on ancient soil, our engineering department brainstormed with the project planners. Following this, the planners came up with an engineering solution as a suitable alternative to carry out the work in a safer manner. The end result was that the project was made insurance-accessible , and a realistic execution method was chosen, while reducing risks. Hence, the path to finding an insurance company that would be willing to insure the project was short.
As you can see, an insurance agency that operates a structural engineer function can examine the projects and the risks involved, both from the client's and the insurance company's perspective. To the extent that there are challenges that could result in a rejection of an insurance application (such as the case of the Tower of David Museum), practical engineering knowledge may assist in finding creative solutions. Solutions that will "come full circle" such as changing the design, changing execution methods, finding alternative engineering solutions, and so on.
Insurance companies do not engage in gambling and offer policies that are based on clear rules of "calculated risk." Insurance accessibility means mapping risks and reducing them. Offering engineering solutions that turn a "gamble" into a "calculated risk," and that assist in arranging proper insurance.
We will explain using a "case study" that we recently handled . The Tower of David Museum in Jerusalem sought to enter into a large-scale project to establish a visitor center and exhibition halls. Since the project was planned adjacent to the walls of the Old City, and on a site estimated to be approximately 3,000 years old, the museum's insurance consultants had difficulty finding an insurance company that would be willing to provide adequate insurance for the project.
When the request was made to us, we were able to bridge the gaps between the parties thanks to an engineering solution that operated in-house, while dealing with a number of challenges, such as concerns about the wall collapsing and restrictions on execution methods by the Israel Antiquities Authority.
The agency's engineering department, headed by senior engineer Omri Nissany, led an excavation to examine the route of the wall below the surface . This was to determine whether the wall is based on "ancient dirt," or on the remains of the ancient wall from the time of Herod.
After it was discovered that the wall was built on ancient soil, our engineering department brainstormed with the project planners. Following this, the planners came up with an engineering solution as a suitable alternative to carry out the work in a safer manner. The end result was that the project was made insurance-accessible , and a realistic execution method was chosen, while reducing risks. Hence, the path to finding an insurance company that would be willing to insure the project was short.
As you can see, an insurance agency that operates a structural engineer function can examine the projects and the risks involved, both from the client's and the insurance company's perspective. To the extent that there are challenges that could result in a rejection of an insurance application (such as the case of the Tower of David Museum), practical engineering knowledge may assist in finding creative solutions. Solutions that will "come full circle" such as changing the design, changing execution methods, finding alternative engineering solutions, and so on.
Professional knowledge in building engineering is expressed in the critical stage of filing a claim on the day of the accident. Experience shows that many insureds are not familiar (to say the least) with the ins and outs of the claim filing process under policies such as contractor work insurance. More than once, the insured finds himself at a disadvantage compared to the insurance company, which operates and maintains well-oiled systems of appraisers and engineers.
This disadvantage can be addressed when the insured is assisted by an agency that also operates the function of a professional structural engineer. The structural engineer on behalf of the agency (and the client) examines the insured event and analyzes it in "engineering" language. Both in light of the circumstances of the case and in light of the execution methods required for the repair.
Let's take, for example, a case where damage occurred at a construction site that required a solution through robotic pipe repair instead of repair by excavation. When the claim is accompanied by a construction engineer who is familiar with robotic practice (who truly understands what is involved), the ability to assist the insured with the insurance company's appraisers and engineers increases significantly.
The insured benefits from having a "counter" to the insurance company's professional-engineering claims, whether in order to conduct fair negotiations to reach a compromise, or in coordinating expectations regarding the scope of insurance coverage that will be claimable.
Claims phase
In conclusion
As the leading agency for construction insurance, we have created a unique and groundbreaking function that allows our customers to benefit from a combination of professional knowledge in the field of construction insurance and insurance accessibility that constitutes tremendous added value for them.
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For more information, please contact us.
כסוכנות המובילה לביטוחי בנייה ייצרנו פונקציה ייחודית ופורצת דרך המאפשרת לקהל לקוחותינו ליהנות משילוב של ידע מקצועי בתחום ביטוחי הבנייה ובהנגשה ביטוחית המהווה עבורם ערך מוסף אדיר.
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