The Building BITE: Demystifying Parametric Insurance

Please tune in to this episode of The Building BITE Podcast, as we hear from industry experts about key topics to help you be successful. The Building BITE hosts Chris Epps, LEED AP, and Mike Diercksen, CRIS, welcome back Patrick McBride, Head of Construction Property at Zurich North America.
We begin the episode by revisiting our previous discussion with Patrick about Zurich and their evolving Parametric Offering. Patrick takes us through various examples of how the policy has grown, and ways in which he believes it will best impact the market at large. Through this conversation Patrick is able to help our audience better understand the various benefits offered through a Parametric Policy ultimately delivering our audience three key takeaways.
1. Less Talk, More Walk: It is time to lean in and take a deep dive on how Parametric Insurance can elevate your risk management strategy. By taking the time to work with your broker and seek out the quotation process, our industry will begin to elevate their understanding of the product and potentially find new and unique solutions to their risk profiles.
2. Stay Ahead Of Contract Requirements: While it is not yet standard, we are seeing a change in how contracts are being written when it comes to weather delays. Parametric Policies offer a unique solution, both for the contracts of today, and can be custom designed to help accommodate the contracts of tomorrow.
3. Policy Is Still Evolving: While many aspects of the Parametric Policy are still new to the industry, it is certainly not done growing yet. There is an active effort to expand coverage accounting for “Human Elements” such as air quality and extreme heat which is an area of growing need. Accounting for these new types of perils will allow for better alignment with site health and safety, aim to provide indemnity for project costs, and create alignment with other lines of insurance such as Workers Compensation.
To learn more about how you can better prepare your firm for the opportunities ahead, listen to our full podcast episode with Patrick on “Demystifying Parametric Insurance.”
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