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Managing Construction Risks with Insurance and Construction Surety Bonds

Event Description and Agenda:

Insurance and surety bonds are useful tools for managing risks involving a construction project. Insurance policies transfer from the insured to the insurer some or all of the financial loss associated with certain risks encountered as part of a construction project. And construction surety bonds transfer certain consequences resulting from the nonperformance of a contract from the bond principal to the surety.  Insurance coverage for construction projects can be a complex and bewildering tangle for the uninformed. Similarly, the benefits of payment and performance bonds can be confusing. Having a sound understanding of the basic ways insurance coverage and construction surety bonds are used to manage construction risks is important for anyone involved in a construction project.

Insurance planning for construction projects can be complex. Often a web of insurance policies, coverages, exclusions, limitations, endorsements, and deductibles are stitched together to cover the types of risks that are insurable on a construction project. Construction surety bonds involve the risk that a bonded principal may fail to perform a contract obligation and come with their own limitations, coverages, and requirements. No party involved in a construction project can afford to be uninformed about basic insurance and surety bond considerations.

This webinar is designed to give construction industry professionals - project managers, project designers, owner representatives, project consultants - and their counsel an overview of the types of insurable risks, insurance coverages, and considerations involved in basic insurance planning for construction projects. It also is designed to give construction industry professionals and their counsel an understanding of issues and pitfalls that insurance or construction surety bond claims can raise. It will illustrate common ways that insurance coverage and surety bonds are used to address certain risks associated with construction.

  • Insurance coverages and insurable construction risks
    • Errors and omissions (professional liability)
    • CGL (commercial general liability)
    • Builder's risk
    • Property and casualty
    • Specialty insurance coverages
      • boiler and machinery
      • design-build
      • project specific
      • OCIPs (owner controlled insurance program) and CCIPs (contractor controlled insurance program)
  • Language of insurance policies
    • Declarations
    • Insuring agreement, exclusions, definitions
    • Conditions
    • Endorsements
  • Common construction contract clauses concerning insurance
    • Owner-designer agreements
    • Owner-contractor agreements
    • Contractor-subcontractor agreements
  • Insurance claims considerations
  • Suretyship - the surety - principal - obligee relationship
    • Role of the surety
    • Indemnity agreements between principal and surety
  • Surety bonds and construction risks
    • Performance bonds - risks to owners
    • Payment bonds - risks to subcontractors and suppliers
  • Common construction contract clauses concerning construction surety bonds
  • Construction bond claims considerations
    • Performance bond claims
    • Payment bond claims

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