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The construction insurance industry is constantly changing and the number of available insurance products continues to grow. The result is an increasingly complex market for construction project participants to navigate. Recognizing the need for more flexibility and adaptability, a new and comprehensive insurance exhibit has been created for use in conjunction with the following AIA Documents:

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Best PracticesMore Like This

Agreements are made every single day. It may be tempting to use a letter or even a handshake agreement when performing construction work on a small project. However, the harsh reality is oral agreements are difficult to prove in court and letter agreements often lack essential terms to deal with nuanced issues such as insurance, dispute resolution and contract termination.

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BookkeepingMore Like This

In every industry, technological advancements are helping companies to be more efficient and save money. Construction is no exception. According to the 2016 report on the results of a global PwC survey, Industry 4.0: Building the Digital Enterprise, respondents anticipate a return on their investment in technology over the next five years. Participants in all industry sectors expect to realize a 2.9 percent increase per annum in revenue. Engineering and construction companies anticipate a revenue gain of 2.7 percent per annum. On average, companies across all sectors expect to reduce costs by 3.6 percent annually.

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Insurance products used in the construction industry are always changing. To keep up with legal and practice developments in the insurance industry, the AIA undertook an extensive examination of its insurance and bonds requirements for the 2017 update to key AIA contract documents. Working with industry experts, the AIA has put together a comprehensive set of revisions to the insurance and bonding provisions included in its 2017 owner-contractor agreements. Continue »

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The construction insurance industry is constantly changing and the number of available insurance products continues to grow. The result is an increasingly complex insurance market for construction project participants to navigate. In response to these developments, the American Institute of Architects (AIA) undertook an extensive examination of its insurance and bonds requirements for the 2017 update to key AIA contract documents. Working with industry experts on construction insurance, the AIA has put together a comprehensive set of revisions to the insurance and bonding provisions included in its 2017 owner-contractor agreements.

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AccountingMore Like This

There was a time when non-recourse financing for commercial real estate projects protected borrowers against personal liability for a loan gone bad. Lenders would look solely to the underlying assets of the project to recover losses when a loan defaulted. However, as times have changed, so too have these protections.

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For large businesses in the construction industry, the accounting function lies in the hands of an experienced controller or CFO. This person understands and has experience with construction accounting. Accurate financial statements are produced on a monthly basis. There are no surprises at year end or difficult conversations with the bonding company because the figures reported throughout the year have changed.

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