Wrap Insurance Pros & Cons

WESLEY MANAGEMENT COMPANY – Jupiter, FL

12/02/2022 – Wrap Insurance Pros & Cons

THE WRAP

As an Owner or Contractor, should you buy into a wrap insurance policy for your next Construction Project? Wrap-up insurance provides for coverage of the Contractor & Subcontractors under a single policy. Here are some pros and cons of a wrap insurance policy:

PROS

Wrap insurance allows for the general liability, excess liability, workers’ comp, builder’s risk, and more to be under a single policy. This benefit allows a single policy in lieu of multiple different policies, and you no longer need to coordinate with the Contractor and Subcontractors to ensure everyone has the same or better coverage. Also, wrap insurance allows the freedom to choose who holds the coverage; the Owner (under an OCIP), or the Contractor (under a CCIP) program.

CONS

Wrap insurance can also be problematic with the Insurance & Indemnification clauses of the prime contract & Subcontractor Agreements. The prime contract & Subcontract Agreements could provide for broader requirements than those provided under the Wrap policy. When choosing Wrap insurance, it is important to analyze Insurance & Indemnity requirements of the prime contract, and make certain similar provisions are included in the Subcontractor Agreements and the Wrap policy.

What to do now...

As they say, there is no time like the present to get affairs in order. Wesley Management Company assists Owners & Contractors in construction matters. Please give us a call, we would be happy to hear from you.

Company

Consulting company servicing Owners, (POA/HOA) Associations, Developers & Contractors with capital improvements and construction projects.

Providing consulting services in the areas of Construction Management, Owner/Contractor Representation, Expert Opinion & Insurance/Mitigation Observations.

Mission Statement

Assisting to complete contract obligations & achieve Client satisfaction.

Licensing & Insurance

Licenses, Certificates of Insurance and pre-qualification information may be furnished upon request. Our firm maintains State, Federal and OSHA requirements for Safety Plans, HAZCOM Communication, Drug Free Work Place and as an Equal Opportunity Employer.

Licensed for commercial drone/UAS operations per FAA Part 107 Certification. Professional liability and job specific aerial drone insurance can be provided.

Certificates

Members of the Company hold certifications for specialty trades, training & licensing, in addition to State required continuing education.

History

Over thirty years' experience in providing construction management on projects to $150M.

For more information, visit wesleymanagement.com or call 561 316 7678.

PRESS RELEASE & BLOG TERMS & CONDITIONS OF USE

ACCEPTANCE OF TERMS: Please read the following terms and conditions of use carefully, as use of this press release/blog post, including applicable source(s) and website(s), is subject to the following terms of use. Please do not use, or rely upon this information, if you do not agree to these terms.

COPYRIGHT AND REPRODUCTION NOTICE: Copyright © WESLEY MANAGEMENT COMPANY (Company); all rights reserved. Most material and information, including site design, text, graphics, and the selection and arrangement thereof are copyrighted by Company. Company’s logo, graphics and icons are trademarks of the Company, and may not be copied, reproduced, republished, posted, transmitted, or distributed in any way without proper written authorization from Company. Other trademarks, product names, and company names or logos used here are the property of their respective owners. Notwithstanding, you (User) are hereby granted nonexclusive, nontransferable, limited license to use information for User’s personal, informational, non-commercial purposes, provided the content is not modified or altered in any way, and copyright or trademarks rights are not infringed upon.

DISCLAIMER & CONDITIONS OF USE: All rights reserved. Material provided is for informational purposes only and should not be taken as an indication of current or future results, nor offered as advice on any particular matter. Transmission of this information is not intended to create, and receipt does not constitute a relationship between Company and the User. The User should refrain from acting on the basis of any matter contained in Company’s sites without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue. Any reference to legal principles or law is provided for better understanding of the subject and may become outdated or inapplicable. The Company assumes no liability for any content posted, submitted, communicated, shared, discussed or generated through blogs, discussion boards, or other public areas (“User Generated Content”), nor do we guarantee its truthfulness, accuracy or completeness.

THIRD PARTY CONSENT: To the extent that goods, services and any other content are available from third parties through this press release/blog post, Company is not liable, or responsible in any manner for your dealings and/or interaction with third parties. Company assumes no liability for any mistakes, misstatements, defamation, omissions, falsehoods, opinions, representations or any other form or content or communication from a third party.

PRIVACY STATEMENT: User understands Internet Service Providers (ISP) and Web Content/Hosting Providers (WHP) monitor Users for their use and analytics. Users understand information provided will be used by various ISP & WHP providers and made available to Third Parties without Company's consent or knowledge.

TERMINATION AND CHANGE: Information may be changed or updated without notice. Company has no liability for the timeliness, deletion, failure to store, inaccuracy or improper delivery of any data or information contained within this site.

INDEMNIFICATION: You agree to indemnify, defend, and hold Company, its agents, officers, directors, employees, subcontractors, successors, assigns, third party suppliers, attorneys, advertisers, product and service providers, and affiliates harmless from any liability, loss, claim and expense, including reasonable attorney’s fees, arising out of violation of these Terms and Conditions of Use.

Completing the Puzzle

WESLEY MANAGEMENT COMPANY – Jupiter, FL

01/25/2022 – Completing the Puzzle

THE PUZZLE IS ON THE TABLE

Time is closing in on Associations and Members to properly fund and execute maintenance & repairs. Several bills under consideration by the Florida Legislature will update inspection requirements for multi-family buildings, AND procedures for documenting the inspection results with Members, local jurisdictions having authority (Bldg Dept), and for maintenance of (Association) records regarding the inspection results and corrective measures taken.

Obviously, the Insurance Underwriters will also be looking over every shoulder…

MISSING PIECES TO THE PUZZLE – Payments & Permits

• Payments: while there are several similar bills proposed regarding Associations ranging from properly funding reserves to requiring certain education requirements for Board members, there is little (if any) requirement to date, to address Associations requiring Members to pay for said inspection & repairs.

• Permits: currently there are no provisions included in bills requiring Building Departments to expedite plan review & permitting for maintenance & repairs identified under these Engineer inspection reports. This needs to be a priority given the delays encountered in receiving permits.

IMO

Until these missing pieces to the puzzle are found, failure to execute & perform identified maintenance and repairs per the Engineer’s report will be the driving factor of near term building failure. Adding or modifying inspection requirements, or maintenance of records to hold Board Members accountable may not have prevented the Surfside Collapse. The problem appears to lie in the unwillingness of Members at large to properly fund and execute maintenance or repairs in a timely manner. FYI:

• The problems at Surfside were identified in the (Engineer’s) Inspection Report almost 2 years prior to collapse

• The Members voted to approved/amend repair recommendations based upon cost, not prioritization of structural issues

• The Building Department had reviewed the plans/specification for almost 4 months, and there were unanswered emails/questions from the Engineer to the Building Official regarding inquiries to plan review & permit status

What to do now...

As they say, there is no time like the present to get affairs in order. Wesley Management Company assists Associations to identify and develop estimates and budgets for required or deferred maintenance. Please give us a call, we would be happy to hear from you.

Here is a link to an Article by the Tampa Bay Times, with information regarding this issue: Florida Senate panel approves bill to set statewide condo inspections (tampabay.com)

About Company

WESLEY MANAGEMENT COMPANY Assisting Owners, Associations, Developers & Contractors to provide consulting services in the areas of:

• Construction Management: Administration & coordination to deliver a project from inception to completion with focus upon Client’s budget & standards

• Owner/Contractor Representation: Observations to verify work proceeds per specification, and in compliance with the contract documents

• Expert Opinion & Witness: Post construction claims analysis, forensic observation & accountability

• Insurance & Mitigation Inspections: Inspections & observations for purchase, or insurance mitigation discount

Mission Statement

Assisting others to complete contract obligations & achieve satisfaction

Licensing & Insurance

Licenses, Certificates of Insurance and pre-qualification information may be furnished upon request. Our firm maintains State, Federal and OSHA requirements for Safety Plans, HAZCOM Communication, Drug Free Workplace and as an Equal Opportunity Employer.

Licensed for commercial drone/UAS operations per FAA Part 107 Certification. Professional liability and job specific aerial drone insurance can be provided.

Certificates

Members of the Company hold certifications for specialty trades, training & licensing, in addition to State required continuing education.

History

Over thirty years’ experience in providing construction management on projects.

For more information, visit wesleymanagement.com or call 561 316 7678.

PRESS RELEASE & BLOG TERMS & CONDITIONS OF USE

ACCEPTANCE OF TERMS: Please read the following terms and conditions of use carefully, as use of this press release/blog post, including applicable source(s) and website(s), is subject to the following terms of use. Please do not use, or rely upon this information, if you do not agree to these terms.

COPYRIGHT AND REPRODUCTION NOTICE: Copyright © WESLEY MANAGEMENT COMPANY (Company); all rights reserved. Most material and information, including site design, text, graphics, and the selection and arrangement thereof are copyrighted by Company. Company’s logo, graphics and icons are trademarks of the Company, and may not be copied, reproduced, republished, posted, transmitted, or distributed in any way without proper written authorization from Company. Other trademarks, product names, and company names or logos used here are the property of their respective owners. Notwithstanding, you (User) are hereby granted nonexclusive, nontransferable, limited license to use information for User’s personal, informational, non-commercial purposes, provided the content is not modified or altered in any way, and copyright or trademarks rights are not infringed upon.

DISCLAIMER & CONDITIONS OF USE: All rights reserved. Material provided is for informational purposes only, and should not be taken as an indication of current or future results, nor offered as advice on any particular matter. Transmission of this information is not intended to create, and receipt does not constitute a relationship between Company and the User. The User should refrain from acting on the basis of any matter contained in Company’s sites without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue. Any reference to legal principles or law is provided for better understanding of the subject, and may become outdated or inapplicable. The Company assumes no liability for any content posted, submitted, communicated, shared, discussed or generated through blogs, discussion boards, or other public areas (“User Generated Content”), nor do we guarantee its truthfulness, accuracy or completeness.

THIRD PARTY CONSENT: To the extent that goods, services and any other content are available from third parties through this press release/blog post, Company is not liable, or responsible in any manner for your dealings and/or interaction with third parties. Company assumes no liability for any mistakes, misstatements, defamation, omissions, falsehoods, opinions, representations or any other form or content or communication from a third party.

PRIVACY STATEMENT: User understands Internet Service Providers (ISP) and Web Content/Hosting Providers (WHP) monitor Users for their use and analytics. Users understand information provided will be used by various ISP & WHP providers and made available to Third Parties without Company's consent or knowledge.

TERMINATION AND CHANGE: Information may be changed or updated without notice. Company has no liability for the timeliness, deletion, failure to store, inaccuracy or improper delivery of any data or information contained within this site.

INDEMNIFICATION: You agree to indemnify, defend, and hold Company, its agents, officers, directors, employees, subcontractors, successors, assigns, third party suppliers, attorneys, advertisers, product and service providers, and affiliates harmless from any liability, loss, claim and expense, including reasonable attorney’s fees, arising out of violation of these Terms and Conditions of Use.

Upcoming Bills in 2022 Florida Legislature

WESLEY MANAGEMENT COMPANY – Jupiter, FL

01/18/2022 – Upcoming Bills in 2022 Florida Legislature

INSURANCE RATE INCREASE

With 2022 being an election year, the overall rate increase stymied in 2007 by Charlie Crist, may inevitably raise its head again since Crist is again running for Governor of Florida. Potentially a twelve (12%) percent increase could be passed on to everyone.

Cash Value or Replacement Value

During last year’s (2021) session, the Florida Senate passed a Bill allowing actual cash value in lieu of replacement value for roofs, however it was not passed in the Florida House. If proposed again, this will greatly assist in establishing premiums for those who wish reduced premiums and relies upon educating Consumers for choosing materials suitable for the location of their properties.

Maintenance Inspections

A bill HB771 proposed by Rep. Alex Andrade (R-Pensacola) would direct the Florida Building Commission to develop statewide standards for the maintenance and periodic inspection of existing building structures or facilities.

Searchable Database to confirm Associations are fully funded

A bill HB329 proposed by Rep. Nicholas Duran (D-Miami-Dade) would require the Department of Business and Professional Regulation (DBPR) to establish a searchable database of condominium and homeowners’ associations’ information, including whether the association has reserve accounts for capital expenditures and deferred maintenance, and if they are fully funded.

Investigating Associations

A bill SB880 proposed by Senator Jason Pizzo (D-Miami), would expand the jurisdiction of DBPR in investigating complaints about condo associations and revise criminal penalties for misdeeds.

What to do now...

As they say, there is no time like the present to get affairs in order. Wesley Management Company assists Associations to identify and develop estimates and budgets for required or deferred maintenance. Please give us a call, we would be happy to hear from you.

Here is a link to a podcast from the Florida Insurance Roundup by Lisa Miller, with more detailed information: Episode 35 – Florida Legislative Preview 2022 – Lisa Miller Associates

About Company

WESLEY MANAGEMENT COMPANY Assisting Owners, Associations, Developers & Contractors to provide consulting services in the areas of:

• Construction Management: Administration & coordination to deliver a project from inception to completion with focus upon Client’s budget & standards

• Owner/Contractor Representation: Observations to verify work proceeds per specification, and in compliance with the contract documents

• Expert Opinion & Witness: Post construction claims analysis, forensic observation & accountability

• Insurance & Mitigation Inspections: Inspections & observations for purchase, or insurance mitigation discount

Mission Statement

Assisting others to complete contract obligations & achieve satisfaction

Licensing & Insurance

Licenses, Certificates of Insurance and pre-qualification information may be furnished upon request. Our firm maintains State, Federal and OSHA requirements for Safety Plans, HAZCOM Communication, Drug Free Workplace and as an Equal Opportunity Employer.

Licensed for commercial drone/UAS operations per FAA Part 107 Certification. Professional liability and job specific aerial drone insurance can be provided.

Certificates

Members of the Company hold certifications for specialty trades, training & licensing, in addition to State required continuing education.

History

Over thirty years’ experience in providing construction management on projects.

For more information, visit wesleymanagement.com or call 561 316 7678.

PRESS RELEASE & BLOG TERMS & CONDITIONS OF USE

ACCEPTANCE OF TERMS: Please read the following terms and conditions of use carefully, as use of this press release/blog post, including applicable source(s) and website(s), is subject to the following terms of use. Please do not use, or rely upon this information, if you do not agree to these terms.

COPYRIGHT AND REPRODUCTION NOTICE: Copyright © WESLEY MANAGEMENT COMPANY (Company); all rights reserved. Most material and information, including site design, text, graphics, and the selection and arrangement thereof are copyrighted by Company. Company’s logo, graphics and icons are trademarks of the Company, and may not be copied, reproduced, republished, posted, transmitted, or distributed in any way without proper written authorization from Company. Other trademarks, product names, and company names or logos used here are the property of their respective owners. Notwithstanding, you (User) are hereby granted nonexclusive, nontransferable, limited license to use information for User’s personal, informational, non-commercial purposes, provided the content is not modified or altered in any way, and copyright or trademarks rights are not infringed upon.

DISCLAIMER & CONDITIONS OF USE: All rights reserved. Material provided is for informational purposes only, and should not be taken as an indication of current or future results, nor offered as advice on any particular matter. Transmission of this information is not intended to create, and receipt does not constitute a relationship between Company and the User. The User should refrain from acting on the basis of any matter contained in Company’s sites without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue. Any reference to legal principles or law is provided for better understanding of the subject, and may become outdated or inapplicable. The Company assumes no liability for any content posted, submitted, communicated, shared, discussed or generated through blogs, discussion boards, or other public areas (“User Generated Content”), nor do we guarantee its truthfulness, accuracy or completeness.

THIRD PARTY CONSENT: To the extent that goods, services and any other content are available from third parties through this press release/blog post, Company is not liable, or responsible in any manner for your dealings and/or interaction with third parties. Company assumes no liability for any mistakes, misstatements, defamation, omissions, falsehoods, opinions, representations or any other form or content or communication from a third party.

PRIVACY STATEMENT: User understands Internet Service Providers (ISP) and Web Content/Hosting Providers (WHP) monitor Users for their use and analytics. Users understand information provided will be used by various ISP & WHP providers and made available to Third Parties without Company's consent or knowledge.

TERMINATION AND CHANGE: Information may be changed or updated without notice. Company has no liability for the timeliness, deletion, failure to store, inaccuracy or improper delivery of any data or information contained within this site.

INDEMNIFICATION: You agree to indemnify, defend, and hold Company, its agents, officers, directors, employees, subcontractors, successors, assigns, third party suppliers, attorneys, advertisers, product and service providers, and affiliates harmless from any liability, loss, claim and expense, including reasonable attorney’s fees, arising out of violation of these Terms and Conditions of Use.

Presuit Settlements

WESLEY MANAGEMENT COMPANY – Jupiter, FL

01/11/2022 – New Presuit Settlement Law

PRESUIT SETTLEMENTS

A new presuit settlement law is part of SB76, Florida’s broader new property insurance reform law which took effect in June/2021. The new law requires insurance companies receive a ten (10) day notice and demand before a lawsuit is filed by homeowners or commercial building owners. It also establishes how insurance companies respond.

Elimination of One Way Fees

The purpose is to allow insurance companies to resolve conflicts and reduce litigation in Florida’s court system. A key factor in is the elimination of Florida’s one-way attorney fee statute which encouraged inflated claims.

The Devil in the Details

The fee provision shifts under the new statute and SB 76, encouraging presuit offers in response to the demands. Thus making the demands more “realistic” and recoverable by removing the incentive to over demand in light of a situation where the fees are either limited or completely done away with and each party to bears responsibility for it’s own costs & fees.

What to do now...

There is some confusion whether the law applies to actions filed after the effective date of the law (June 11, 2021) or the policy date, so immediately contact your Attorney and Insurance Carrier/Agent upon receiving any demand Notice. Wesley Management Company assists Attorneys & Insurance Companies by providing Expert Services in the areas of Construction Defect & Cost Estimating to entice presuit settlements.

About Company

WESLEY MANAGEMENT COMPANY Assisting Owners, Associations, Developers & Contractors to provide consulting services in the areas of:

• Construction Management: Administration & coordination to deliver a project from inception to completion with focus upon Client’s budget & standards

• Owner/Contractor Representation: Observations to verify work proceeds per specification, and in compliance with the contract documents

• Expert Opinion & Witness: Post construction claims analysis, forensic observation & accountability

• Insurance & Mitigation Inspections: Inspections & observations for purchase, or insurance mitigation discount

Mission Statement

Assisting others to complete contract obligations & achieve satisfaction

Licensing & Insurance

Licenses, Certificates of Insurance and pre-qualification information may be furnished upon request. Our firm maintains State, Federal and OSHA requirements for Safety Plans, HAZCOM Communication, Drug Free Workplace and as an Equal Opportunity Employer.

Licensed for commercial drone/UAS operations per FAA Part 107 Certification. Professional liability and job specific aerial drone insurance can be provided.

Certificates

Members of the Company hold certifications for specialty trades, training & licensing, in addition to State required continuing education.

History

Over thirty years' experience in providing construction management on projects.

For more information, visit wesleymanagement.com or call 561 316 7678.

PRESS RELEASE & BLOG TERMS & CONDITIONS OF USE

ACCEPTANCE OF TERMS: Please read the following terms and conditions of use carefully, as use of this press release/blog post, including applicable source(s) and website(s), is subject to the following terms of use. Please do not use, or rely upon this information, if you do not agree to these terms.

COPYRIGHT AND REPRODUCTION NOTICE: Copyright © WESLEY MANAGEMENT COMPANY (Company); all rights reserved. Most material and information, including site design, text, graphics, and the selection and arrangement thereof are copyrighted by Company. Company’s logo, graphics and icons are trademarks of the Company, and may not be copied, reproduced, republished, posted, transmitted, or distributed in any way without proper written authorization from Company. Other trademarks, product names, and company names or logos used here are the property of their respective owners. Notwithstanding, you (User) are hereby granted nonexclusive, nontransferable, limited license to use information for User’s personal, informational, non-commercial purposes, provided the content is not modified or altered in any way, and copyright or trademarks rights are not infringed upon.

DISCLAIMER & CONDITIONS OF USE: All rights reserved. Material provided is for informational purposes only, and should not be taken as an indication of current or future results, nor offered as advice on any particular matter. Transmission of this information is not intended to create, and receipt does not constitute a relationship between Company and the User. The User should refrain from acting on the basis of any matter contained in Company’s sites without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue. Any reference to legal principles or law is provided for better understanding of the subject, and may become outdated or inapplicable. The Company assumes no liability for any content posted, submitted, communicated, shared, discussed or generated through blogs, discussion boards, or other public areas (“User Generated Content”), nor do we guarantee its truthfulness, accuracy or completeness.

THIRD PARTY CONSENT: To the extent that goods, services and any other content are available from third parties through this press release/blog post, Company is not liable, or responsible in any manner for your dealings and/or interaction with third parties. Company assumes no liability for any mistakes, misstatements, defamation, omissions, falsehoods, opinions, representations or any other form or content or communication from a third party.

PRIVACY STATEMENT: User understands Internet Service Providers (ISP) and Web Content/Hosting Providers (WHP) monitor Users for their use and analytics. Users understand information provided will be used by various ISP & WHP providers and made available to Third Parties without Company's consent or knowledge.

TERMINATION AND CHANGE: Information may be changed or updated without notice. Company has no liability for the timeliness, deletion, failure to store, inaccuracy or improper delivery of any data or information contained within this site.

INDEMNIFICATION: You agree to indemnify, defend, and hold Company, its agents, officers, directors, employees, subcontractors, successors, assigns, third party suppliers, attorneys, advertisers, product and service providers, and affiliates harmless from any liability, loss, claim and expense, including reasonable attorney’s fees, arising out of violation of these Terms and Conditions of Use.