Insurance for Commissioning Professionals RISKS AND SOLUTIONS Presented by: Diane Mika AVP Loss Prevention & Client Education XL INSURANCE DESIGN PROFESSIONAL GROUP About Today You’ll get answers to the following questions: − Why do commissioning professionals need professional liability insurance? − Who is XL Insurance? − What is the nature of professional liability risk in today’s marketplace? − How can I manage that risk? © 2010, X.L. America, Inc. All rights reserved. Page 2 _ 8-Apr-15 QUESTION 1 Why do commissioning professionals need professional liability insurance? Professional Liability Insurance 101 − Applies to professionals − − − − Provide services Have knowledge, training and expertise Operate under the “standard of care” Covers negligent acts, errors and omissions − − − Assist in dispute resolution Handle claims Pay damages © 2010, X.L. America, Inc. All rights reserved. Page 4 _ 8-Apr-15 Why Cx Professionals Need PL Insurance − − − − − − Licensed Provide professional services Bound by the standard of care Negligent performance could result in economic loss Likely to be named in the event of a claim Such damages would only be covered by professional liability insurance © 2010, X.L. America, Inc. All rights reserved. Page 5 _ 8-Apr-15 QUESTION 2 Who is XL Insurance? XL Insurance Global provider of intelligent risk solutions, delivered with integrity and supported by market-leading analysis and financial security © 2010, X.L. America, Inc. All rights reserved. Design Professional group Offers innovative professional liability insurance programs for architects and engineers, with specialized programs to minimize professional liability risks through insurance, proactive loss prevention techniques and expert claims service © 2010, X.L. America, Inc. All rights reserved. XL INSURANCE’S DESIGN PROFESSIONAL GROUP Loss Prevention & Client Education − − − − Dedicated to the design professions Analyze claims data Provide fact-based risk and project management education Reduce the cost of loss © 2010, X.L. America, Inc. All rights reserved. Page 9 _ 8-Apr-15 QUESTIONS 3 & 4 What is the nature of risk in today’s marketplace? How can I manage that risk? Risk Management Fundamentals Avoid – Project evaluation – Client selection Transfer Assume Control – Contract – Deductible – Insurance – Selfinsurance – Loss prevention – Risk management – Go/No-Go decision © 2010, X.L. America, Inc. All rights reserved. Page 11 _ 8-Apr-15 Why Worry About This Stuff Cost of problem − − − $1,000 $10,000 $50,000 Revenue needed to offset problem cost* - $20,000 (400 Staff hours) - $200,000 (4,000 Staff hours) - $1MM (20,000 Staff hours) *Assumes 5% after tax profit © 2010, X.L. America, Inc. All rights reserved. Page 12 _ 8-Apr-15 RISK DRIVERS Identifying Where the Risks Lie − Technical Error and/or omission of a technical nature which resulted in a loss prevention file or claim − Non-technical Breakdown in project or practice management processes which contribute to a loss prevention file or claim being made © 2010, X.L. America, Inc. All rights reserved. Page 13 _ 8-Apr-15 RISK DRIVERS Top 4 Non-Technical Causes of Loss Percentage of Claims Affected 39% 40% 2001 35% 2009 30% 23% 24% 25% 27% 25% 16% 20% 13% 15% 6% 10% 5% 0% Negotiation and Contracts © 2010, X.L. America, Inc. All rights reserved. Client Selection Project Team Capabilities Communication Page 14 _ 8-Apr-15 RISK DRIVERS Negotiation and Contract Issues No separate contigency fund set aside 5% Contruction phase services not in contract or not fulfilled 8% Other 8% Lack of mediation clause 6% Did not formally evaluate project risks 16% Contract: -Not firm's own -Not industry std. -Not reviewed by counsel 2% © 2010, X.L. America, Inc. All rights reserved. Contract not in place before work started 12% Deal Breakers in contract 3% Unclear or inappropriate scope of services 37% Client-generated agreement, not reviewed by senior mgmt. 1% Field staff didn't have/understand contact 2% Page 15 _ 8-Apr-15 RISK DRIVERS Negotiation and Contract Solutions − − − − − Evaluate project risks Begin with your agreement Align scope with client needs/drivers Establish a review process Always use a written agreement © 2010, X.L. America, Inc. All rights reserved. Page 16 _ 8-Apr-15 RISK DRIVERS Client Selection Issues No formal review of client 4% Client behind in fee payments 7% Contractor selection 4% Other 3% Client in poor financial condition 17% Client not receptive to ADR 1% Client inexperienced in design issues 43% © 2010, X.L. America, Inc. All rights reserved. Client has history of claims / litigation 21% Page 17 _ 8-Apr-15 RISK DRIVERS Client Selection Solutions − − − Use a new client intake and review process Evaluate your existing clients Manage client expectations: − − − − Clarify roles, responsibilities and expectations Be prepared to spend more time educating an unsophisticated client Document, Document, Document Stick to your scope © 2010, X.L. America, Inc. All rights reserved. RISK DRIVERS Project Team Capabilities - Issues Inexperienced design staff 50% Inexperienced on-site staff 20% Inexperienced project manager 18% Other 4% Unqualified back-up staff 2% © 2010, X.L. America, Inc. All rights reserved. Project outside firm's normal territory 2% Insufficient number of staff 1% Design firm inexperienced in project type 3% Page 19 _ 8-Apr-15 TOP AND BOTTOM PROJECT MANAGERS Leadership Top PM Bottom PM 80 70 60 50 40 30 20 10 0 ve ss ss i e r e n n o-D ive ive g t s r E es se r s g A Ag © 2010, X.L. America, Inc. All rights reserved. E o Eg ath p m y t ng e r -St ce ing n k e i Ta si l k e Ris h/ R U y nc e rg o uti a C ss e n us Page 20 _ 8-Apr-15 TOP AND BOTTOM PROJECT MANAGERS Interpersonal Skills Top PM Bottom PM 70 60 50 40 30 20 10 0 y h t pa m E So © 2010, X.L. America, Inc. All rights reserved. ity l i b cia rio a eg r G ss e n us o m om c Ac on i t da sm i c pti e Sk Page 21 _ 8-Apr-15 TOP AND BOTTOM PROJECT MANAGERS Problem Solving/Decision Making Top PM Bottom PM 80 70 60 50 40 30 20 10 0 tR s ion t es a n t gh i en u r o r aO ho e T d I nin o s ea g c tra s © 2010, Ab X.L. America, Inc. All rights reserved. ss li ty ing i e k b n xi Ta us k o i Fle s ut Ri Ca U y nc e rg Page 22 _ 8-Apr-15 RISK DRIVERS Project Team Capabilities - Solutions − − − − Identify and cultivate qualified project managers and team managers Develop and manage qualified team members Match the project team with the needs of your client and project Recognize that you have to face these risk drivers in your team—and in the design team on the project © 2010, X.L. America, Inc. All rights reserved. Page 23 _ 8-Apr-15 RISK DRIVERS Communication Issues Regular progress reports regarding changes not approved Project issues and 1% potential disputes not handled correctly 17% Project staff not aware of responsibilities 6% © 2010, X.L. America, Inc. All rights reserved. Lack of documentation re: changes in scope, budget, etc. 9% Scope of services not explained to client 13% Other 3% Lack of procedures to identify conflicts, errors and omissions 51% Page 24 _ 8-Apr-15 RISK DRIVERS Communication Solutions − Scope of services − − − Establish procedures to identify/address conflicts − − − − − Must be clearly understood by client Any changes must be documented Know the early warning signs Designate a primary contact within your firm for notification of issues/conflicts Institute a procedure to resolve issues at appropriate levels of authority Give direction as to what to do when a problem arises Treat communications seriously © 2010, X.L. America, Inc. All rights reserved. Moving the Curve Forward (CURT) 2 Effort/Effect 1 PD: Pre-design SD: Schematic design DD: Design development CD: Construction documentation PR: Procurement CA: Construction Administration OP: Operation 4 3 PD SD DD CD Time PR CA 1 Ability to impact cost and functional capabilities 2 3 4 Cost of design changes Traditional design process Preferred design process OP Graphic originated by Patrick MacLeamy, AIA / HOK © 2010, X.L. America, Inc. All rights reserved. Page 26 _ 8-Apr-15 Technical Statistics Mechanical/Electrical/Process Engineers MEP ENGINEERS Who Sues Mech/Elec/Proc Engineers? 77% Project Owner 81% 11% Non-Contracting 3rd Party 3% 7% Contractor or Subcontractor 10% Other % of Claims Dollars 5% 0% © 2010, X.L. America, Inc. All rights reserved. % of Claims Count 6% 10% 20% 30% 40% 50% 60% 70% 80% 90% Page 28 _ 8-Apr-15 MEP ENGINEERS Types of Damages 65% Economic Loss 62% 28% Property Damage Bodily Injury Other 37% 4% 0% 2% All Other % of Claims Count 1% % of Claims Dollars Bodily Injury Construction 0.4% 0% 0% © 2010, X.L. America, Inc. All rights reserved. 10% 20% 30% 40% 50% 60% 70% Page 29 _ 8-Apr-15 MEP ENGINEERS Claim Trigger Construction Product Budget Failure Overruns 6% 5% Construction Defect 12% Construction Schedule Delays 5% BI - Post-Const. 3rd Party 4% Other 6% Design Error 62% © 2010, X.L. America, Inc. All rights reserved. Page 30 _ 8-Apr-15 MEP ENGINEERS Frequency & Severity (by project type) 22% Comm/Ind <= 9 Stories 15% 11% 12% All Schools/ Colleges 22% 30% 11% Process Mfg Systems 7% 9% 10% Utilities 3% 10% % of Fees 9% Hospitals % of Claims Count 7% 13% % of Claims Dollars 7% Retail Malls 2% 0.2% 0% © 2010, X.L. America, Inc. All rights reserved. 5% 10% 15% 20% 25% 30% 35% Page 31 _ 8-Apr-15 MEP ENGINEERS Elements Most Often Involved 49% HVAC 60% 16% Electrical 23% 9% Plumbing 4% Equipment 4% 3% Lighting 3% 2% % of Claims Count % of Claims Dollars Drinking Water System 3% 1% 0% © 2010, X.L. America, Inc. All rights reserved. 10% 20% 30% 40% 50% 60% 70% Page 32 _ 8-Apr-15 Risk Management Cycle Improved Quality Improved Project Management Internal Investment Increased Profit © 2010, X.L. America, Inc. All rights reserved. Client Selection Contracts Match Capabilities Projects Staff Revenue Communication Page 33 _ 8-Apr-15 What Direction Will Your Firm Take? − − − − How does your firm measure up? Where are your firm’s weaknesses? Are any practice or project management weaknesses exposing your organization to excessive risk? Contact the Design Professional group of XL Insurance, and take advantage of our A/E industry expertise © 2010, X.L. America, Inc. All rights reserved. Page 34 _ 8-Apr-15 Notices & Disclaimers − − "XL Insurance" is a registered trademark of XL Capital Ltd. XL Insurance is the global brand used by member insurers of the XL Capital Ltd group of companies. In the US, the XL Insurance companies are: Greenwich Insurance Company, Indian Harbor Insurance Company, XL Insurance America, Inc., XL Insurance Company of New York, Inc., XL Select Insurance Company, and XL Specialty Insurance Company. Not all of the insurers do business in all jurisdictions nor is coverage available in all jurisdictions. The information contained herein is intended for informational purposes only. Insurance coverage in any particular case will depend upon the type of policy in effect, the terms, conditions and exclusions in any such policy, and the facts of each unique situation. No representation is made that any specific insurance coverage would apply in the circumstances outlined herein. Please refer to the individual policy forms for specific coverage details. © 2010, X.L. America, Inc. All rights reserved. Page 35 _ 8-Apr-15 Questions? Diane Mika 831-657-2568 Diane.Mika@xlgroup.com