In the commercial construction industry, securing all necessary insurance — workers’ compensation, general liability, builders’ risk, etc. — can be a costly and sometimes painful exercise. There’s no getting around it, and the responsibility applies to companies of all sizes from small, specialty subcontractors to the biggest multinational enterprises. Without insurance, companies can’t perform work or most cases, even bid on work.
Insurance is such an integral part of a project that it is front and center in most contracts. In the 2017 update to its popular series of contracts and other forms, the American Institute of Architects (AIA) even gave insurance its own exhibit — to be used with the ubiquitous “AIA Document A201 – General Conditions of the Contract for Construction” — that allows parties to go into even more detail about a project’s insurance requirements.
Continue reading at “The Dotted Line: Avoid Liability Surprises” with Partner Jeffrey Schulman and Kim Slowley at Construction Dive:Construction and Builder News.