A man unto himself, and a force to be reckoned with when it comes to the minutiae of contract language, Jay Cohen manages all things insurance at Butler-Cohen, and for that we are forever grateful to him. Typically we interview team members for this blog, but Jay jumped at the chance to write about the joys and challenges of construction insurance all in his own words. Without further ado, ladies and gentlemen… Jay Cohen, on Insurance.
Butler Cohen, LLC is a safety-first company; we go the extra mile to ensure that everyone adheres to all the safety regulations and laws that exist. However, accidents happen, and Butler Cohen wants to make sure that whatever happens, we, and our subcontractors, do not have a serious financial event. Are you bored yet? You won’t need a “my pillow” to help you sleep through this!
So, we not only cover ourselves with insurance, we insist that our subcontractors have the proper insurance. Many subcontractors feel that they have adequate insurance, but we go to extreme lengths to make sure that their insurance is far better than “adequate”. “Adequate” is just another word for “not covered”!
We read their policies, and we look for any wording or endorsement that would limit coverage. Our subcontractors are great at what they do, but rarely do they take the time to see what is in their policies… we make sure they, and we, are safe.
I’ll give you an example… an employee gets injured and files for W/C… after he gets $1M, his wife says he didn’t get enough… she sues the GC among others… question… where is the coverage for this? Ultimately, it’s the Subcontractor through the indemnity agreement. Without the proper insurance forms by the Subcontractor, it would be a bankrupting event for him. We make sure he has the right forms!
Jay Cohen has been with Butler-Cohen as a valuable team member since our earliest years. When not enjoying “a good walk spoiled” on the golf course, he enjoys sitting in the largest office, drinking good coffee, and diving into the nitty-gritty of our subs’ insurance policies.