Annual Meetings-Construction Contracts: Builders Risk Trends, Changes & Underwriting Implications

Pdf Summary

Construction Contracts: Builders Risk Trends, Changes and Underwriting Implications were discussed by Steve Coombs, Mark Katz, and Vicky Hartman during a presentation. The session aimed to highlight how Builders Risk (BR) insurance fits into the risk matrix, model contracts commonly used, recent trends in BR insurance requirements, and the disconnects between contracts and BR policies. <br /><br />Key points covered included the main principles of BR insurance, its critical role in construction projects, and the need for compliance with contract documents. Various model construction contracts such as AIA A201, ConsensusDocs 200, EJCDC C700, and DBIA 535 were referenced, emphasizing the importance of reviewing construction contracts during the underwriting process.<br /><br />Recent trends and changes in BR requirements were outlined, including broader coverage for perils, protection of insured parties, coverage on existing buildings, naming of insureds, coverage duration, and resultant damage considerations. Underwriting issues were also explored, focusing on key aspects like named insureds vs. additional insureds, requirements for material suppliers and design professionals, and considerations for off-site and in-transit work.<br /><br />Throughout the presentation, the presenters underlined the need for careful review and understanding of construction contracts to ensure that all BR insurance requirements are met effectively. The implications and underwriting issues discussed shed light on the complexities involved in insuring construction projects adequately, highlighting the importance of thorough assessment and compliance with evolving industry standards.

Asset Caption

Presented by : Steve Coombs, Risk Resources; Mark Katz, RT Specialty; and Vicky Hartman, Liberty Mutual Insurance

Keywords

Construction Contracts

Builders Risk Trends

Underwriting Implications

BR Insurance

Model Contracts

Recent Trends

Coverage

Named Insureds

Underwriting Process

Compliance