Podcast: Construction Contract Insurance Provisions
By Amanda M. Leffler & Marc Holland on July 17, 2018
The Issue. The construction contract drives the expectations for the project and has many facets. One of these is the Insurance Provisions. These provisions should be fairly simple to navigate and comply with, but are too often overlooked, or worse, discounted and ignored.
Why It’s Important. Failure to meet the insurance requirements in your construction contract opens your firm up to a self-inflicted financial penalty created when an event occurs that one of these provisions was supposed to address.
Short Answer. A qualified insurance broker will help make sure you have addressed all the contractual requirements. To facilitate the process and gain some efficiencies, your broker could also establish a checklist of key/typical insurance requirements and terminology for you and train your staff to identify and confirm compliance. Avoid a potential headache down the road by bringing your broker, along with your legal counsel, in to contribute within their respective areas of expertise before executing the contract.
Amanda M. Leffler - Brouse McDowell
Marc Holland - Hylant
This Podcast is intended to provide information generally and to identify general legal requirements. It is not intended as a form of, or as a substitute for legal advice. Such advice should always come from in-house or retained counsel. Moreover, if this Podcast in any way seems to contradict the advice of counsel, counsel's opinion should control over anything written herein. No attorney-client relationship is created or implied by this Podcast.
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