Annual Meetings-Recent Court Rulings on Builders Risk Insurance Claims

Pdf Summary

Recent court cases on Builder's Risk Insurance Claims, historical development, and common excluded causes were discussed in the document. The document also covered the purpose of Builder's Risk Coverage as a risk transfer tool in construction projects to avoid litigation. It emphasized the importance of aligning construction contracts with insurance coverage and the challenges in the specialized market due to various exclusions and limitations. Case studies were presented, highlighting issues such as hidden decay, deficient workmanship, and non-compliance with loss conditions leading to coverage disputes. Key considerations included the termination of coverage based on occupancy and the impact of intricate policy wording on claim outcomes. The complexity of the construction process, alignment of contracts with insurance agreements, and the use of proprietary forms were pointed out as factors contributing to the challenges in the Builder's Risk insurance market. The summary outlined the importance of thorough risk identification, proper coverage placement, clear policy terms, and active involvement of brokers to prevent disputes and ensure appropriate coverage. The document concluded with a coverage checklist and comparison of requirements, emphasizing the need for precision in insuring construction risks to avoid disputes and enhance coverage adequacy.

Asset Caption

presented by:
Miles C. Holden, Esq., Hanson Bridgett LLP
Lori Montoya, The Hartford

Keywords

Builder's Risk Insurance Claims

Historical Development

Common Excluded Causes

Risk Transfer Tool

Construction Projects

Insurance Coverage

Coverage Disputes

Policy Wording

Construction Contracts

Coverage Checklist