Hope for Rebuilding America - Highlights from the 31st IRMI Construction Risk Conference

From November 14 to 17, 2011, San Diego was home to the 31st IRMI Construction Risk Conference. Representatives from VUE Software, a proud sponsor of the event, attended to participate in conversations about this year’s most important construction risk management issues.

Nearly 1200 attendees from the nation’s construction insurers, brokers, contractors, and construction management firms were present. It was a great opportunity for VUE Software representatives to meet with clients of its VUE Wrap-Up Management solution, the preeminent technology available for administering OCIP and CCIP programs.  Client Turner Surety and Insurance Brokerage sponsored the popular internet café, where attendees could relax with a cappuccino and free WiFi. Alliant Insurance Services, the newest VUE Wrap-Up Management client, also attended and hosted a gracious after-hours invite-only networking event.

A major highlight of the event was the general session on rebuilding the World Trade Center. Representatives from the contractors, insurers and brokers for the insurance coverage on the building at the World Trade Centers were in attendance to discuss the risk management challenges this epic construction project, including terrorism risk, damage to public property, and the high level of pedestrian traffic around the job site. It was inspiring to hear from this highly talented group of individuals and the level of attention that went into to every detail of the project. And as an enduring symbol of American pride, the World Trade Center’s rebuild project signifies hope for the nation’s future prosperity.

In addition to the inspiring general session, two sessions of note focused on various issues of wrap-up programs. The Wrap-Up Debate got the audience’s opinion on major aspects of wrap-up binding and administration, including Program type, Enrollment, and Coverage. Deconstructing the Wrap-Up Pro-Forma was an in-depth exploration of the importance of an accurate pro-forma, or feasibility study, to ensure the program meets the intended goals.

Thank you to all speakers, IRMI representatives, attendees and sponsors who made this 31st conference a success. We are proud to be a part of this esteemed event and look forward to another valuable conference next year.

Tags: wrap up management, irmi, ocip, ccip, risk management
Categories: Insurance Technology | Wrap Up Management
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Takeaways from the 30th IRMI Construction Risk Conference

As the 30th IRMI Construction Risk Conference came to a close yesterday, we were struck by some key takeaways. As a provider of wrap-up administration technology, we were drawn to sessions about OCIPs and CCIPs, presented by key specialists such as Kathleen Creedon of Wrap Strategies and Richard Resnick of Aon.

These experts discussed the importance of quality CIP manuals and their ability to explain to contractors specifically how to include insurance cost in their bids. We learned that a win-win philosophy applied to the operation of CCIPs is best, and that these programs can provide benefits to all parties involved.

We had many conversations with the nation’s largest brokers, administrators and insurers about the value of a standard technology platform for managing CIPs. Platforms currently in place were developed 10-15 years ago, and are no longer meeting the needs of administrators and their clients.

We learned that the industry is crying out for a cost effective, web-accessible solution that can be used by brokers, administrators and contractors in managing their wrap-up programs. We look forward to continuing the conversation with our new contacts and exploring how we can positively impact the industry by meeting this important demand with our VUE Wrap-Up Management platform.

Cheers to an enjoyable, valuable and informative conference and hope to see you all next year!

Tags: irmi conference, wrap up management,
Categories: Wrap Up Management
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VUE Software to Showcase VUE Wrap-Up Management Solution at 30th IRMI Construction Risk Conference

We are excited to network with industry professionals at the 30th IRMI Construction Risk Conference, to be held in Orlando, FL from November 14-18.  VUE Wrap-Up Management will be one of four sponsors featured in the conference’s Products and Services Showcase.

VUE Wrap-Up Management is an advanced solution that allows wrap-up program administrators to automate and streamline the wrap-up administration process. The benefits of the solution include greater time savings, real-time data access, and reduced paper communications. We believe our product brings significant value to wrap-up administrators and brokers, helping them reach greater levels of efficiency and ensure total program compliance.

VUE Wrap-Up Management will be featured in Rainbow Spring Room II of the products and services showcase on Tuesday, November 16th and Wednesday, November 17th. We have some prizes as well to share during each scheduled conference break and during the reception on Tuesday evening. Come and learn how VUE Wrap-Up Management is turning to be a sought after software solution among Wrap Up administrators. See you at the conference!

Tags: wrap up management, irmi conference, vue software,
Categories: Wrap Up Management
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Wrap-up Dos and Don’ts from the 29th IRMI Construction Risk Conference in DC

In early November, a few of us at VUE Software attended the 29th IRMI Construction Risk Conference hosted by the International Risk Management Institute (IRMI) at the Gaylord National convention center in Washington DC - a great opportunity to spend time with brokers of controlled insurance programs (CIPs, often called wrap-ups) for construction companies and project owners.  Being technology experts on wrap-ups, we focused on the discussion around wrap up programs and how they fit into the current and future risk management landscape and the economy in general.

Although wrap-ups originally grew in popularity during the building boom of years past, they are still a fixture in today’s slower economy, and will continue to be an important part of construction risk management. In his keynote presentation, Edmund F. Kelly, Chairman, President, and CEO of Liberty Mutual said, “Wrap-ups are good; they’re good for underwriting and useful for controlling cost and safety. They are trending up and won’t slow down.”

Here are our top 10 dos and don’ts that we’d like to share, which will help project sponsors throughout the lifecycle of their wrap-up program. (These points will be helpful to anyone currently involved in OCIPs or CCIPs, but if you are not well-versed in these programs and want further information, this site offers a helpful and thorough explanation.)

Top Ten Wrap-up Do’s and Don’ts
Adapted from Workshop M3 at the 29th IRMI Construction Risk Conference

• DO choose a broker through a thorough selection process that identifies the agent or broker’s qualifications, experience setting up administrative procedures, communications with participants and closing out programs, as well as the technology they use to manage CIPs.
• DON’T assume that all wrap-ups, OCCIPs and CCIPs are the same.
• DO understand that state laws and regulations vary significantly and these programs must be tailored to fit them as well as any regional differences.
• DON’T fail to involve contractors/subs in the purchasing decision, project scheduling, etc.
• DO involve subcontractors in wrap purchasing decisions, project scheduling etc to assure that important nuances are not missed, and to get buy-in from subs.
• DO include workers compensation in the CIP.
• DON’T ignore the actual claim experience of participants when making the wrap-up purchasing decision.
• DO solicit claim history data from participants to guide wrap-up design and purchasing decisions.
• DON’T leave detailed information about the OCIP out of the pre-bid packets.
• DO provide as thorough a description of the CIP coverage and other details (like contract language and insurance policies) as possible within the bid specifications. Include the OCIP manager and applicable written information in all pre-bid meetings.

Tags: wrap up management, irmi conference, ocip, ccip, 29th annual construction risk conference
Categories: Wrap Up Management
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