Tips and Tactics: Realistic Contract Insurance Requirements

Sponsored by Aon Construction Services Group

Purchase this archived webinar for the introductory price of only $39! The archived version is an exact replay of the live webinar and is available for you to access for six months.

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Webinar-At-A-Glance

All contract requirements have a cost, and contrary to what some contract drafters seem to think, this is especially true with many insurance requirements. Some requirements result in a direct premium charge to the contractor which will be passed back to the party imposing the requirement. Others may result in hidden costs that wary contractors consider in their bids but which the less informed simply absorb. Those that are impractical in the insurance marketplace are lurking breach of contract claims if an uninsured loss is later experienced.

This webinar looks at common contract insurance requirements and discusses whether they are needed and practical. It offers tactics for negotiating practical requirements that will respond to the other party’s needs. The webinar will also briefly look at managing the contractual risk transfer issues associated with umbrella coverage, wrap-up programs (OCIP and CCIP), and certificates of insurance.

Who Should Consider Purchasing

This webinar is designed for P&C agents and brokers, P&C underwriters, and those charged with managing construction risks, purchasing insurance for construction projects (e.g., risk managers and financial managers), or negotiating construction contract provisions. It will also be informative for consultants, surety agents and brokers, surety underwriters, and attorneys who wish to improve their knowledge of construction insurance.

Benefits to Your Participation

Attendees will come away better able to:

• Identify troublesome insurance requirements
• Develop alternative insurance requirements that meet other parties’ needs and can be implemented in the insurance marketplace
• Identify and manage contract issues with umbrella programs and controlled insurance programs (wrap-ups)

Continuing Education Credit Information

Attending seven construction-focused IRMI webinars, such as this one, will satisfy the annual reaccreditation requirement for the CRIS^® program. CPCUs attending this webinar will be awarded one (1) CPD (continuing professional development) program point. This webinar has not been filed for and will not satisfy state insurance CE requirements in any state. It has also not been filed for CLE or CPE credit, but you may be able to self-file after attending the program.

Expert Presenter

The presenter for this webinar has extensive experience in construction risk management.

Frank Keres is principal of Construction Risk Associates, Inc., with a main office near Chicago. He works with contractors and brokers, insurers, and owners who deal with contractors. He works on specific assignments and general consulting, and the majority of his work is as an outsourced risk manager. Before forming Construction Risk Associates, Mr. Keres was risk manager for Safway Services, one of the nation’s largest subcontractors with more than 70 locations. Mr. Keres has also worked within Aon Risk Service’s Construction Group and was one of the earliest construction risk managers when he worked for James McHugh Construction Company in Chicago. An energetic and enthusiastic speaker, he is a recipient of the IRMI Words of Wisdom award.

Following the presentation, attendees will have an opportunity to pose questions to the speaker.