We offer traditional insurance and bonds, but also risk management programs such as controlled insurance programs, project wraps for the owner (OCIP), development bonds and project specific builders risk insurance.
We assess construction sites, contracts, claims and financials, then work with the client to mitigate it. Advocate on a serious claim matter, reviewing indemnity and insurance language in a construction contract, assessing the costs of a construction delay, assisting with development of a new safety program or designing project specific insurance.
Let's talk about your project.
"Email me" <cbruner [at] fwoins [dot] com>
Senior Vice President
"Email me" <sbruner [at] fwoins [dot] com>
"Email me" <rormond [at] fwoins [dot] com>
Commercial Lines Account Representative
"Email me" <bsutton [at] fwoins [dot] com>
"Email me" <jblanke [at] fwoins [dot] com>
With years of experience working with developers, designers, contractors and subcontractors on insurance and bonds on various size and types of projects, Offenhauser understands the developer’s, designer’s, contractor’s and subcontractor’s respective risks. Every project has unique risk characteristics which must be accurately accessed and divided between the project participants. Whether the project is $500,000 or $250,000,000, Offenhauser is your source for the best in insurance coverage design, advocacy, risk management counsel and implementation.
For the developer, we know what contractor insurance and bonds cost, frequently recommend changes to the indemnity and insurance specs on contracts, understand construction defect and delay in construction exposures, have our own claims department and some of the best partners in the industry for administration of complex strategies such as Owner Controlled Insurance Programs or WRAPs.
These two exposures are two of the largest, but most misunderstood exposures to a project. For the developer, control of the liability and builders risk programs is a huge plus so the insurance with respond as anticipated, even it the claim occurs years later.
Water intrusion, soil issues, design failure and improper installation are examples of construction defect claims that can cost MMs. And the exposure increases with condominiums! In most states it’s five years after construction is completed before the owner, contractor and designers are protected by statute of repose laws, but in Texas it is ten. Offenhauser’s response is to design insurance to the statute of the repose and an administrative team diligently document and photo of the project and check subcontractor’s insurance as well as assistance with risk transfer language as part of the insurance and indemnity sections of the contract.
Delay in Completion
If a fire occurred on a project that was 90% complete, could the developer afford the additional costs and time it would take to rebuild? This is one of the most overlooked, but largest exposures to a project. It may take many forms or a combination of:
Through negotiation or control of the liability and builders risk insurance programs, Offenhauser is skilled in transferring and mitigating the risks of our clients.
Guarantees to the public body that the required improvements will be completed as per contract or engineer’s estimate and is often required to obtain a construction permit on large multi year projects. This may be for a commercial or residential development.
Are utilized for the benefit of developer by used the cash deposit of the purchaser of real estate to finance construction. Concurrently, it guarantees the purchaser a return of deposit in the event the title does not close. This may be used for the purchase of residential or commercial property