It’s A Wrap — Insuring Construction Projects: Part 1
March 21, 2013, 1:44 PM EDT
Law360, New York (March 21, 2013, 1:44 PM EDT) -- The traditional mechanism to insure construction projects is to have the construction participants — such as the general contractor, the subcontractors and the design professionals — furnish their own corporate or practice insurance to protect against project risks. Typically, each participant would include the cost of its insurance, plus a markup, in its bid.
The breadth of that insurance would be left to each participant to arrange, though generally subject to certain contractual requirements as to the type and amounts of the various coverages. This traditional...