Don’t Be Caught Unprotected / Does Your Insurance Program Cover all the Insurance Requirements in the Contracts You’re Signing?-Financial Risk Management Webinar

Video Transcription

Video Summary

In this video, Gary Sommer, Executive Vice President and Construction Practice Leader at Assured Partners, and Justin Schneider, Construction Practice Attorney at Assured Partners, discuss common insurance requirements in construction contracts and how to address them from an insurance risk management standpoint. They cover various types of insurance coverage, such as general liability, workers' compensation, business auto, umbrella, professional liability, pollution liability, and property coverage. They also highlight additional insured requirements, primary non-contributory status, and waiver of subrogation endorsements that are commonly requested in contracts. The speakers emphasize the importance of reviewing insurance policies and endorsements to ensure compliance with contract requirements. They point out the need for coverage for stored materials, material in transit, completed operations, and environmental risks. They also mention the significance of obtaining evidence of property insurance and certificates of insurance from the parties providing builder's risk coverage. The speakers address the importance of maintaining appropriate coverage for statutory periods and the impact of policy cancellation or material changes. Overall, they stress the need for contractors to carefully review contract requirements and consult with insurance professionals to avoid uninsured exposures and potential breach of contract claims. Note: This summary is based on a transcript of the video and includes information from speakers Gary Sommer and Justin Schneider.

Keywords

insurance requirements

construction contracts

insurance risk management

general liability

workers' compensation

business auto

umbrella

professional liability