Following the construction industry and related legal topics in the United States.


Tuesday, April 25, 2006

Insurance and Bonding

Navigating the waters of insurance and bonding requirements for a large project can be extremely challenging, and fraught with danger, particularly in a litigious climate. Most substantial non-residential or high-risk mixed-use projects require sophisticated analysis up front so that a project's risk is fairly and appropriately allocated among the multiplicity of parties to the deal. Wrap programs, CGL, additional insureds, mold and hazardous substances exclusions - these are all terms and phrases heard today in connection with large projects. Add to these the demands of traditional bonding, or availability and use of "Subguard" products, and this complicated assortment of coverage options points to one thing: add an insurance or risk manager professional to your project team from day one. This consultant can assess coverage needs, pricing, availability, and allocation. The upfront investment should yield long-term benefits and maximize chances for a successful project.

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