Additional Insured coverage is a common method of risk transfer used in construction projects. In 1985, the standard form of the additional insured endorsement used in insurance policies conferred much broader protection than the forms subsequently published in 2004 and 2013. Continue »
Over the past 40 years there have been many ups and downs in the construction market. Unfortunately, it has become commonplace to see contractors repeating past mistakes, which can result in negative impacts on insurance costs. Continue »
Frequently when negotiating construction contracts the focus is on the timing of payments, the scope and duration of the work and the associated risk transfer provisions. The project’s insurance requirements usually take the backseat. Continue »
Are Certificates Listing a Construction Company as an Additional Insured Worth the Paper They’re Written On?
Owners and contractors often shift risk by requiring contractors and subcontractors to name them as additional insureds (AI) on commercial general liability (CGL) policies. Continue »
How Will the New 2017 AIA Contract Documents Affect Projects? Keep Up With Developments and Revisions to AIA Owner-Contractor Agreements
The American Institute of Architects (AIA) has published standard form agreements since 1888. AIA Contract Documents have long been viewed as the industry standard in reflecting current industry practices and fairly balancing the risks and responsibilities of all project participants. Continue »
Many construction companies don’t realize how susceptible they are to financial loss caused by the fraudulent acts of their employees. Employee theft involves more than just cash. In industries like construction there are other ways employees can steal or misuse an employer’s assets. Continue »
Construction Executive asked top executives at leading sureties and insurance companies specializing in construction for advice and insights on:
- What do contractors need to know about additional insured coverage when obtaining insurance?
- If there is a burst of construction activity under the Trump administration, what advice can you offer to contractors that might overextend?
- What insights can you offer as the practice of contractors purchasing surety bonds directly becomes more common?
- What are the benefits of the surety bonding prequalification process and how can contractors prepare for it?
When most teams embark on a new construction project, one of the first considerations is usually not insurance. Some view insurance as a necessary evil; others view insurance as a critical piece of their comprehensive plan to manage and allocate risk. Continue »
State laws often require contractors to obtain a license bond and/or contract-specific bonds, as well as workers’ compensation and liability insurance. The difference between contractors bonding and insurance is not always clear. Continue »
The number “6” can have many connotations. It can be the number of players a hockey team puts on the ice during a game, it’s how many eggs in a half-dozen container, or it’s how many points a touchdown is worth. Continue »
Why should a construction professional pay attention to contractual risk transfer? For starters, neglecting it could put a contractor out of business, or at least increase insurance costs. Continue »
Just because it’s signed, doesn’t mean it’s insurable. Risk transfer is making sure the risk ends up on somebody else’s lap should an injury, fire or some other mishap occur during construction. Continue »