Managing project risk is a top priority for contractors to ensure the long term success and viability of their business. To help mitigate the risk of a catastrophic project loss and the resulting balance sheet impact, Travelers recently released a new insurance product called Project Loss Insurance (PLI). This insurance policy can help offset a portion of loss on any newly acquired project that is added to the backlog during the policy period. This includes project losses resulting from, but not limited to:
- Bad estimates
- Poor production
- Subcontractor failure/default,
- Delay Damages
- Price escalations
- Manufacturer/supplier failure
- Fundamental overview of Travelers PLI product
- Contractor failure trends and the genesis of PLI
- Underwriting criteria and coverage overview
- Financial modeling and cost-benefit analysis considerations
- Market response and early traction
Partner, Construction Risk Partner
Al Marquis is one of the most influential leaders of the construction surety and risk management industry. He is a key advisor to many of the top contractors in the United States. Al provides strong leadership, guiding the growth and vision at Construction Risk Partners.
In 1984, Al founded Marquis and Associates. By 1987, the company grew to be the largest provider of construction insurance and surety brokerage services in New Jersey. Attracting strong interest, during 1997, Al and his partners sold to Willis. Al held the position of CEO of the New Jersey Construction Practice from 1997 through 2000 and was subsequently appointed the Northeast Regional Construction Practice Leader in 2000.
The shared vision was always to build a business that constantly delivered long-term value to customers. So, in 2006, Al and his partners founded Construction Risk Partners, built on foundations of true partnership with both clients and carriers.
Tyler Oakes, CPCU, CRIS
Director, Construction Risk Partners
Tyler joined Construction Risk Partners in 2017 as a part of CRP’s newly founded Boston office. Tyler brings an extensive national network of client and carrier relationships and has played a pivotal role in the organization’s overall growth and development in New England and beyond. His expertise in underwriting, client advisory and brokerage within the construction risk arena has made him a valuable asset for both existing and new clients. Tyler has been a leader in our P3 initiative having recently led the brokerage and due diligence efforts on the Gordie Howe Bridge Project in Detroit, the Travis County Courthouse Project in Austin, and the Miami Dade Courthouse Project in Miami.
Prior to joining CRP, Tyler was an Account Executive/Broker within Aon’s Construction Services Group. In this role, he served as a key advisor and account manager to both owner and contractor clients in supporting their risk management operations. Additionally, deep market relationships coupled with his expertise yielded tailored solutions to better position various clients for success. Before Aon, Tyler was a Senior Underwriter within Liberty Mutual’s construction vertical. He managed risks ranging from mid-sized to ENR top 100 contractors inclusive of wrap-up programs and other project specific placements.
Tyler holds both his Chartered Property Casualty Underwriter (CPCU) and Construction Risk Insurance Specialist designations. He is a graduate of the University of New Hampshire having earned a Bachelor’s Degree in Finance and Management. Tyler currently resides in Boston, MA.