ProSight Specialty Insurance by North American Constructors Journal

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ProSight Specialty Insurance:

Providing The Perfect Fit ProSight Specialty Insurance tailors programs designed to address each client’s specific needs and challenges. Written by Kevin Doyle Produced by Stephen Marino

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roSight Specialty Insurance of Morristown, NJ, sought to differentiate itself from its competition right from the start by providing every customer with a tailor-made program designed to address their specific needs and challenges. Twelve years later, the company continues to be an industry trendsetter. Cookie cutter quick fixes have never been part of the plan. “It’s exciting to work for a company where people don’t say ‘Why should I buy from you?’ but ask ‘How do I buy from you?’ It’s very unique to have that kind of reputation within the industry,” says Jake Morin, who has been with the company for eight years and handles a number of its construction programs. The company is focused on providing innovative services in 10 customer segments from five offices across the country. It employs approximately 350 individuals, surpassed $800 million in premiums for 2019, and is an active member of the Specialized Crane and Rigging Association (SC&RA). From the beginning, the founding members of ProSight saw a fundamental disconnect between

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ProSight Specialty Insurance | 4 insurance carriers and the clients they served. Not all businesses had the same amount of exposure and level of risk, so there had to be a paradigm shift in the provider/ consumer relationship. They built out ProSight by focusing on industry segments where they felt they could really make an impact, then hired industry experts in those areas. Their goal has always been the same: to help clients reduce risk and expand profitability. Day to Day Operations In his role as VP of Construction Programs, Jake Morin is responsible for profit and loss, third-party service, and enhanced coverage. “We will never enter a segment or get into a program that is something we can’t alter or change. When you look at Crane and Scaffolding there is so much coverage you can bring to that area. When we jump into an area, we have to make sure it becomes a ProSight differentiated space,” says Morin. Morin works closely with ProSight’s claims team, actuary team, and underwriters to get a real-time understanding of the risks and exposures their clients face at any moment. This big-picture overview allows him to direct his focus toward their unique challenges.

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If they have high increase or frequency in one particular area, he can help lead them down the right path to become compliant in all regulatory and statutory requirements. Morin says working for the company is about much more than working traditional insurance company roles. Since the company

operates with minimal middle management, each individual is expected to function as a true entrepreneur within their individual space. “If you’re working at ProSight, then you are special because you fit through a very tiny keyhole. This is a 24-hour job. We live and breathe what we do and when

“We will never enter a segment or get into a program that is something we can’t alter or change … When we jump into an area we have to make sure it becomes a ProSight differentiated space.” - VP Construction Programs Jake Morin www.prosightspecialty.com

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you step on the floor you get that cultural feel. It’s nonstop—we get client project emails at midnight, 4 in the morning, 6 in the morning. We go above and beyond, caring and believing in what we do and that we’re holding the keys in what needs to be done for the company,” Morin elaborates. The company fosters this type of entrepreneurial spirit among its staff. They encourage out-ofthe-box thinking and challenge people to use their creativity to

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constantly improve the products and services they provide. It’s this drive to always do better for their customers and each other that lives at the core of the company’s values. Some even call it the backbone of their success. The company’s vendor/partners must share the same goals, core values, and passion for improving the industry as ProSight. An expert level of skill and service is an absolute requirement. “There are not a lot of handshake

ProSight Specialty Insurance | 7 “I’ve had the opportunity to network and connect with others. Not every company is the same due to size, scope, or location. We know a Texas-based company faces far different challenges than a California-based company. We can design and provide products and services that will maximize profitability and reduce risk for all of them, depending on their circumstances,” Morin notes.

Addressing Primary Challenges Morin says the industry has faced more uncertainty during the past decade than at any time in its history “with regulatory bodies, OSHA, Federal Motor Carriers, all of which clearly define the duties of care for the clients we insure. It’s challenging to the industry to keep up with the pace.” deals. We trust and we verify. We want to make sure you are the expert within your space, which should make our relationship profitable for the both of us over time. As a company, we have to be connected with experts who are going to help us make a difference,” Morin stresses.

As a result, rates have gone through the roof and given rise to a level of unpredictability not seen in years. “We’re working extremely hard to provide our clients with the best service possible in a very challenging environment because we have a vested interest in their success,” Morin explains.

Morin can’t say enough good things about the company’s affiliation with the SC&RA and the benefits it provides for all its members.

He also notes that part of today’s challenges occur on the legal front, with a rise in new and aggressive tactics employed by plaintiff attorneys during

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REDUCE CONSTRUCT

Professional Subcontractor Insu

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TION RISK EXPOSURE

urance Compliance and Management

DOCUTRAX

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DOCUTRAX Subcontractor Insurance Compliance Management

The Construction Industry presents numerous risk management challenges to the General Contractor. At the core of best-practices for mitigating and transferring risk is a well-managed program to properly verify and maintain subcontractor insurance compliance and to provide expert support to the GC in this critical area. Remember: 1. Some insurance carriers will exclude general liability coverage for damage caused by your subcontractor while representing your company on the job. If the sub’s activities cause a claim to be filed and they do not carry their own general liability insurance you could be financially liable. 2. If your insurance carrier determines that your subcontractor is uninsured or underinsured, they may consider the subcontractor part of your company and increase your premiums accordingly. So, even if there is no claim, you as the general contractor could end up effectively paying for insurance your sub should have had in the first place. The importance of caution when using subs cannot be overstated. A few basic risk management protocols can prevent you from potentially catastrophic liability: Verify licenses - make sure your subs are properly licensed in the state where the work is performed and that they have fulfilled any mandatory safety training requirements. Vet the sub - as with a job interview, you must check references. Further, determine if any complaints have been filed against the sub. Control the process - as the General Contractor, you are responsible for all work performed. This means all client communication goes through you. Watch out for subcontractor subs - yes, it happens. You must approve them in the same manner as you do for the top-tier sub and they, too, must be insured.

The good news is you are not alone. Docutrax is the exclusive service provider available to all ProSight-insured General Contractors

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The Docutrax Construction Compliance service was specifically designed to properly and efficienty address the complex insurance challenges construction companies face every day. Our state-licensed insurance professionals attain advanced certifications in Construction Insurance Risk Management to ensure subject-matter expertise is provided to all construction-related document collection and evaluation. In some jurisdictions, such as New York, unique and special insurance considerations place an additional burden on an already difficult regulatory environment. Navigating these choppy waters requires a thorough understanding of a variety of technical and often overlooked compliance issues that could otherwise leave you at risk. The Docutrax Construction Compliance service is tailored to the individual needs of each client. Typically, the following are included for each of your subcontractors: · Insurance Policy Review · AM Best Rating · Proper Class Codes · Designated Work · Certificate of Insurance and Endorsement collection and ongoing compliance monitoring · Evaluation of other documents as needed · No Exclusions Related To: Third-Party Over Action Subcontractor / Employer Injury Height Limitations Multi-Habitational Residential Conversions Unique Exclusions Call today to learn how Docutrax can protect you against unnecessary risk exposure from your subcontractors.

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“We’re working extremely hard to provide our clients with the best service possible in a very challenging environment because we have a vested interest in their success.” - VP Construction Programs Jake Morin

third-party claim lawsuits.

Moving Forward

Given its reputation and problem-solving approach, continued growth at a measured pace seems certain for ProSight. They don’t accept the adage that ‘this is the way it’s always been done.’ They are always innovating with new tools and technology to diagnose the issues their clients may be having with an eye on the future. “We can pinpoint their pain points,” says Morin, adding that beginning “with the end in mind and [understanding] claims, litigation and risk management” is the road to building a successful company and career.

become more specialized. That’s why it’s been a great ride with this company.”