Insurance Law for the Construction Industry

Proper Insurance Coverage for Construction Crucial in Avoiding Costly Litigation
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Callahan has been involved with the intersection of construction and law for over 40 years. He maintains an active international consulting practice in the measurement and responsibility of delay, along with the quantification of additional performance costs and other construction and design-related matters including suspension and delay to First of a Kind project design.

Callahan is an independent arbitrator, negotiator, mediator, and consulting expert and witness.

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In addition to Construction Insurance 2nd ed. Callahan earned both a J.

He was an adjunct professor at the University of Kansas and has lectured throughout the United States, Europe, the Middle East, and the Far East on design and construction claims, their avoidance, and their resolution. Author queries are invited at CCL's website, cclcc. John L. He has been selected for inclusion in Missouri and Kansas Super Lawyers Hayob regularly participates in seminars and presentations involving insurance related issues before professional and industry groups.

An Overview Of Construction Liability Insurance Issues

Any contractor, development firm, or homeowner may pay different amounts based on the details of their projects and their own background of safety and experience. Generally speaking, contractors who face more risk are subject to higher insurance costs. For example the cost of general liability insurance for construction contractors and development firms varies by the type of projects they take on and their track record of claims.

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In fact, because of the risk involved with construction projects, construction contractors pay some of the highest rates for general liability of any profession. The same can also be said of professional and excess liability policies.

Construction Insurance | Marsh

While policies can vary widely in cost, lower risk contractors cost less to insure. There are many insurance companies that offer specialized policies for the construction industry. In an ideal world, businesses, contractors, and homeowners can buy all of their insurance policies from one provider to save time, energy, and money. Buyers should also consider several factors when choosing an insurer:. The companies listed below meet those criteria and are good options for those looking to meet their construction insurance needs through a single provider.

Contractors and commercial developers, especially those who bid on large construction projects, are often obligated to purchase a large amount of insurance coverage. Frequently, the costs of insurance policies can be passed on to the project sponsor; however, cost should still be an important consideration for contractors, because savings can be passed on to the project sponsor and make their bids on contracts more attractive. And more than homeowners, contractors may want to consider the construction expertise of their potential insurance providers.

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Consultant's' Professional Indemnity 9. This market structure has a large influence on how German construction projects are organised: Smaller and mid-cap construction projects often take the shape of one of the outlined statutory contracts or a variation thereof. The U. Leary, Jr. David A. As a result, German law did not provide for construction contract-specific issues, such as amendments, additional compensation or extension of time.

The more experienced an insurer is with construction projects, the easier claim filing and designing the policy will be for the buyer. Each of these companies offers a broad range of construction insurance products that should meet the needs of most contractors and commercial developers. Liberty Mutual. The Hartford. The policies that work best for commercial developers and construction contractors are not usually going to be the best fit for homeowners and owner-builders.

In general, these owners, who will also be the project sponsors, can require their contractors to purchase insurance. But they can also benefit from purchasing coverage for the project themselves.

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Since the project sponsor will ultimately pay for coverage anyways, they may find it beneficial to research options and secure the best rates and coverage available. Homeowners want to look for insurers who have an expertise in construction, but are also very strong in customer service and pricing. The insurers we list below are the top providers of construction insurance for homeowners and owner-builders.

State Farm. Understanding Construction Insurance There are many different types of insurance designed to protect property owners, developers, and contractors through the various phases of a construction project. What is Construction Insurance?

Vehicle Types. Trailer Types. Auto hauler trailers Dry freight trailers Flatbed trailers Utility trailers Bulk commodity trailers Concession trailers Dry freight trailers Dump body trailers or transfer boxes Pole trailers Refrigerated dry freight trailers Tank trailers.

Go to top. Our market understanding and relationships with underwriters help us provide you with the right match for your risks. Architects and engineers around the world rely on Lockton's expertise in professional liability to protect their business. Lockton's Real Estate and Construction team in London specialises in large, complex insurance programmes for global construction and civil engineering companies.

Construction sites are a flurry of activity. While working to deliver quality projects on time, site owners and general contractors must have sufficient risk management measures. Lockton can help.