To view a copy of Matthew’s presentation titled “The Role of Insurance and Cost Reduction in EPC Contracts,” please click here.
The number one cause of subcontractor default is overextension of financial and operational resources. As the economy grows, subcontractor defaults are on the rise. While SDI provides improved coverage terms with claim payment provisions that are intended to streamline the process, many insured’s have experienced difficulties working through the SDI claim process that includes extensive RFI’s, cost allocation documentation and coverage interpretations that can materially impact the outcome.
Please join us on September 19, 2017 from 10:00 a.m. to 11:00 a.m. for our Subcontractor Default Insurance Webinar which will provide the latest coverage developments and claims handling strategies to improve the outcomes for CM’s, GC’s, Owners and Lenders that are relying on the coverage provided by the SDI policy.
Who would benefit from this seminar? General Counsels, Risk Managers, CEO’s, CFO’s, COO’s and Project Management Professionals working for CM’s or GC’s that have purchased an SDI policy as well as lenders, owners and other professionals serving the construction industry.
Christopher Barbarisi, Partner, K&L Gates LLP (Newark)
Jim Bly, Managing Director, Alliant Construction Services Group
Rick Fultineer, Managing Director, Berkeley Research Group
Frank Calvaruso, Director, Berkeley Research Group
CLE credit for this program is currently pending.
Newark partner Christopher Barbarisi was published by Construction Executive magazine on the topic of “Techniques to Maximize SDI Coverage and Streamline the Claim Process.”
Design-builders, general contractors and “at risk” construction managers are all vulnerable to the risk of a subcontractor default. Aside from contract-related safeguards, such as increased retention, joint checks and letters of credit, subcontractor surety bonds have been the traditional mechanism for third-party risk transfer.
First introduced in the mid-1990s, subcontractor default insurance (SDI) provides a viable “first-party” insurance alternative to traditional surety bonds. To compete with surety bonds, SDI policies are heavily marketed as having a more efficient claim processes. In practice, the SDI claim process is not without its challenges. Effective techniques can be employed to streamline the process and keep the project funded and on track.
To read the full article on Construction Executive, click here.
There are many different types of insurance available for construction risks. It is important for owners and contractors to think critically at the beginning of any construction project about the risks inherent to the project and the types of insurance available to them to protect against such risks. Additionally, it is imperative that policyholders understand the benefits and limitations of different insurance policies.
This presentation explores (i) the basic forms of insurance coverage available for construction risks, (ii) wrap-up programs — owner controlled insurance programs (OCIP) and contractor controlled insurance programs (CCIP), (iii) common issues policyholders face when seeking coverage for a construction related loss under commercial general liability (CGL) policies, and (iv) practical considerations for the coverage construction lawyer.
To view the presentation, click here.