Protecting Your Rights In Insurance Coverage And Risk Management Cases
Last updated on February 5, 2025
At Goodkin APC in Los Angeles, our attorneys represent numerous commercial and residential real estate developers in insurance coverage and risk management cases. Our loyal client base is built upon referrals from former clients and other law firms who appreciate our in-depth knowledge in this esoteric area of law.
However, our insurance coverage and risk management practice is not limited to the real estate industry or to California. We also provide legal counsel and representation to clients in a broad spectrum of other industries.
Utilizing Inside Knowledge Of The Insurance Industry
Goodkin APC has litigated numerous disputes with insurers regarding coverage for insureds with existing policies in place. This experience gives Goodkin APC unique insight into the insurance carrier’s perspective, allowing it to more effectively advise insured parties on contractual insurance requirements and coverage issues, and to develop effective claims strategies on their behalf.
Negotiating Policy Terms To Protect Your Bottom Line
Many of our clients are actively engaged in new real estate projects, and Goodkin APC has extensive experience negotiating the terms of the insurance policies that come into play. Builders often require owner-controlled insurance program (OCIP) policies that protect all contractors and subcontractors.
However, there are only a certain number of markets for OCIPs, and the policies are often significantly slanted in the insurance company’s favor. When dealing with offshore, non-admitted, surplus lines insurers, retaining a lawyer skilled in policy negotiation is critical and provides significant added value.
Insurance Coverage And Risk Management FAQs
These are a few we hear from our clients:
Why is negotiating insurance policy terms crucial for real estate projects?
Negotiating insurance policy terms is vital for real estate projects because it ensures that the specific risks associated with each project are adequately covered. Real estate projects face various challenges, from construction delays to environmental hazards. Tailor-made insurance coverage can help mitigate the risks involved. Proper negotiation can lead to better terms, lower premiums, and more comprehensive coverage. This can help safeguard a project’s financial viability and protect shareholders’ interests.
What are surplus lines insurers and what should clients know about them?
Surplus lines insurers are insurance companies that cover unique or high-risk situations not covered by standard insurance policies. While surplus line insurers can offer valuable options for unconventional or high-risk projects, they are not subject to the same regulations as admitted insurers. This means thoroughly reviewing the provider’s financial stability is vital since state guarantee fund protections may not apply.
How can I ensure they meet contractual insurance requirements?
To meet contractual insurance requirements, review all contractual insurance and risk management obligations thoroughly. It is crucial to work closely with experienced insurance brokers and legal counsel on these matters. They can help interpret these requirements and suggest suitable policies. Regular insurance coverage audits and updates can also ensure ongoing compliance, especially as project scopes and associated risks evolve.
What should clients consider when selecting an insurance policy for new projects?
When selecting an insurance policy for new projects, it’s essential to consider the:
- Financial strength of the insurer
- Reputation of the insurer
- Terms and conditions of the policy
It is also important to assess coverage limits, exclusions, and any necessary additional endorsements. You may also want to evaluate how the policy aligns with the provider’s overall risk management strategy to ensure it meets regulatory and contractual requirements.
How can Goodkin APC assist with offshore insurance negotiations?
We can assist with offshore insurance negotiations by leveraging their extensive knowledge of international insurance markets and regulatory environments. We can provide strategic advice on selecting suitable insurers, negotiating terms and ensuring compliance with local and international laws. With our experience, we can help you handle the complexities of offshore insurance. That way, you can secure coverage that aligns with your business objectives and risk management needs.
Learn More About How We Can Assist You
When you face insurance coverage and risk management concerns, you need an attorney who understands what is at stake. You can schedule a consultation at our Los Angeles office by calling Goodkin APC at 310-853-5730 or by sending us an email.