All Builder's Risk Insurance Policies Are Not Created Equal
Most construction contracts require project leaders to obtain builder's risk insurance—in fact, it's become standard practice within the industry over the years.
June 07, 2018 at 04:18 PM
1 minute read
|
What Is builder's Risk Insurance?
|Who Is Responsible for Obtaining Builder's Risk Coverage?
Owners and Contractors: Attorneys: |
What Should be Covered?
- Coverage for the contractor's overhead and profit;
- A minimum 30 days advanced written notice of cancellation to all additional insureds, including the contractor; and
- Coverage for testing.
Final Thoughts
Joshua Lorenz is an attorney at Pittsburgh-based law firm Meyer, Unkovic & Scott. He focuses his practice on construction law and litigation. He can be reached at [email protected] Craig Ream is an executive vice president for Willis Towers Watson, where he focuses on construction brokerage and consulting. He can be reached at [email protected]
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