Fundamentals of Construction Risk Management and Insurance Course Outline

1. Course Introduction
2. Introduction to Risk Management
   1. Risk Identification
   2. Risk Analysis
   3. Designing the Risk Management Strategy
      1. Risk Control
      2. Risk Finance
         1. Risk Retention
         2. Contractual Risk Transfer
         3. Insurance
   4. Selecting the Right Combination
   5. Implementation
   6. Review
   7. Summary
3. Anatomy of an Insurance Policy
   1. Policy Format
      1. Declarations
      2. Insuring Agreement
      3. Covered Perils
      4. Exclusions
         1. Eliminating or Reducing Overlapping Coverage
         2. Removing Coverage Not Needed by Typical Insureds
         3. Reducing the the Incentive to Create Losses and Providing the Insured with an Incentive to Prevent Losses
         4. Removing Coverage for Uninsurable Risks
   2. Definitions
   3. Conditions
   4. Endorsements
   5. Insurance Policy Review
   6. Construction Insurance Programs
4. Casualty Insurance Survey
   1. Automobile Insurance
   2. Commercial General Liability Insurance
      1. Personal and Advertising Injury Coverage
      2. Medical Payments Covereage
   3. Umbrella Liability Insurance
   4. Workers Compensation Policy
      1. The Workers Compensation Policy
5. First-Party Insurance Survey
   1. Basic Concepts of First-Party Insurance
      1. Covered Perils
      2. Covered Property
      3. Valuation
      4. Insurance to Value Requirements
      5. Deductibles
   2. Builders Risk Insurance
   3. Contractors Equipment Insurance
   4. Commercial Property Insurance
   5. Commercial Crime Insurance
6. Matching the Insurance with the Exposures
   1. Direct Damage Loss Exposures
   2. Indirect Property Loss Exposures
   3. Liability Loss Exposures
   4. Personnel Loss Exposures
   5. Summary
7. Risk Finance
   1. The Time Value of Money
      1. Loss Payout Patterns
      2. Present Value Analysis
   2. Guaranteed Costs and Loss Sensitive Rating Plans
      1. Guaranteed Cost Insurance
      2. Loss Sensitive Insurance Plans
      3. When to Consider a Loss Sensitive Plan
      4. Retrospective Rating
      5. Dividend Plans
      6. Safety Group Dividend Plans
      7. Large Deductible Plans
      8. Summary
   3. Alternative Market Approaches
      1. Risk Retention Groups
      2. Group Self-Insurance Programs
      3. Captive Insurance Companies
      4. Self Insurance
   4. Conclusion
8. How the Industry Operates
   1. Insurance Distribution Systems
   2. Selecting an Agent or Broker
      1. Agent/Broker Services
      2. Agent/Broker Compensation
   3. Arranging Coverages and Determining Premiums
      1. Underwriting Cycles
   4. Claims
      1. The Claims Adjusting Process