MANAGING CONSTRUCTION RISKS WITH INSURANCE AND CONSTRUCTION SURETY BONDS

Transcription

1 WEBINAR MANAGING CONSTRUCTION RISKS WITH INSURANCE AND CONSTRUCTION SURETY November 19, :00 2:30 p.m. Eastern Time Online is authorized by IACET to offer 0.2 CEUs for the webinar. 1

2 OVERVIEW Insurance and surety bonds are useful tools for managing risks involving a construction project. Insurance policies transfer from the insured to the insurer some or all of the potential financial loss associated with certain risks encountered as part of a construction project. And construction surety bonds transfer certain consequences resulting from the nonperformance of a contract from the bond principal to the surety. Insurance coverage for construction projects can be a complex and bewildering tangle for the uninformed. Similarly, the benefits of payment and performance bonds can be confusing. Having a sound understanding of the basic ways insurance coverage and construction surety bonds are used to manage construction risks is important for anyone involved in a construction project. Insurance planning for construction projects can be complex. Often a web of insurance policies, coverages, exclusions, limitations, endorsements, and deductibles are stitched together to cover the types of risks that are insurable on a construction project. Construction surety bonds involve the risk that a bonded principal may fail to perform a contract obligation and bonds come with their own limitations, coverages, and requirements. No party involved in a construction project can afford to be uninformed about basic insurance and surety bond considerations. This webinar is designed to give construction industry professionals project managers, project designers, owner representatives, project consultants, and their counsel an overview of the types of insurable risks, insurance coverages, and considerations involved in basic insurance planning for construction projects. It also is designed to give construction industry professionals and their counsel an understanding of issues and pitfalls that insurance or construction surety bond claims can raise. It will illustrate common ways that insurance coverage and surety bonds are used to address certain risks associated with construction. WHO SHOULD ATTEND Construction industry professionals who plan construction projects or who negotiate, draft, or administer construction contracts Attorneys who review or draft construction contracts or who handle construction claims Consultants who assist with planning construction projects LEARNING OUTCOMES Describe the basic types of insurable risks and insurance coverages commonly obtained for construction projects Describe the basic components and language of insurance policies Discuss special insurance coverages for unique construction project risks Review insurance coverages called for in commonly used construction industry contract forms Explain basic considerations involving insurance claims Describe basic features of construction performance and payment bonds Discuss the roles and relationships of the surety, the principal, and the obligee Explain the essentials of surety bond claims REGISTER 4601 TODAY! DTC Blvd., CALL Suite OR VISIT 2

3 AGENDA Thursday, November 19, 2015 Insurance coverages and insurable construction risks Errors and omissions (professional liability) CGL (commercial general liability) Builder s risk Property and casualty Specialty insurance coverages o boiler and machinery o design-build o project specific o OCIPs (owner controlled insurance program) and CCIPs (contractor controlled insurance program) Language of insurance policies Declarations Insuring agreement, exclusions, definitions Conditions Endorsements Common construction contract clauses concerning insurance Owner-designer agreements Owner-contractor agreements Contractor-subcontractor agreements Insurance claims considerations Suretyship the surety principal obligee relationship Role of the surety Indemnity agreements between principal and surety Surety bonds and construction risks Performance bonds risks to owners Payment bonds risks to subcontractors and suppliers Common construction contract clauses concerning construction surety bonds Construction bond claims considerations Performance bond claims Payment bond claims REGISTER 4601 TODAY! DTC Blvd., CALL Suite OR VISIT 3

4 INSTRUCTORS Rolly Chambers / Partner / Smith, Currie & Hancock LLP Rolly Chambers is a partner in the Charlotte, North Carolina office of Smith, Currie & Hancock LLP, where he represents construction businesses in commercial and construction matters. He also is a N.C. Dispute Resolution Commission Certified Mediator for Superior Court and Estates & Guardianship matters. He regularly represents construction industry clients in cases in state and federal courts, in arbitrations, and in mediations. Rolly has practiced in Charlotte for over thirty years. He has been included in The Best Lawyers in America for work in the practice area of construction law, selected as a Fellow in the Litigation Counsel of America, and received other professional recognitions. He graduated from The University of North Carolina at Chapel Hill and earned his J.D. from Marshall-Wythe School of Law at the College of William & Mary. Gene Rash / Partner / Smith, Currie & Hancock LLP Gene Rash is a partner in the Charlotte office of Smith, Currie & Hancock LLP. He received a B.S. in civil engineering from NC State University and worked as a structural inspector for an engineering and testing company. Following graduation, Gene was a project manager for a regional general contractor. In 1990, he obtained North Carolina registration as a professional engineer. In 1992, Gene received the Brown Scholarship to attend Wake Forest University School of Law where he obtained his law degree. He has practiced construction law for over twenty years and regularly represents clients in arbitrations, mediations, and trials in federal and state courts in North Carolina and South Carolina. He has been listed in The Best Lawyers in America in the field of construction law and has been recognized as a North Carolina Super Lawyer in the practice area of construction. Gene regularly speaks on various aspects of construction law at seminars and presentations DTC Blvd., Suite 800 4

5 INSTRUCTIONAL METHODS A Web-based PowerPoint presentation and online interactive question/answer session will be used in this webinar. REQUIREMENTS FOR SUCCESSFUL COMPLETION OF PROGRAM Participants must sign in for the duration of the program be eligible for continuing education credit. IACET CREDITS has been accredited as an Authorized Provider by the International Association for Continuing Education and Training (IACET). In obtaining this accreditation, has demonstrated that it complies with the ANSI/IACET Standard which is recognized internationally as a standard of good practice. As a result of their Authorized Provider status, is authorized to offer IACET CEUs for its programs that qualify under the ANSI/IACET Standard. is authorized by IACET to offer 0.2 CEUs for this program. WEB CONFERENCE PRESENTATIONS AVAILABLE ON CD CDs or links are available 48 hours after the webinar is complete. The cost per CD / link is $295 (add US $50 for international CD shipments, or, with ther link option a link will be ed and no shipping is charged). CDs and Links are 1/2 price when ordered with a live webinar. Note: All web conference CD/Link sales are final and are nonrefundable. LOGGING IN TO THE WEB CONFERENCE After registration, each registrant will receive a confirmation of payment or an invoice, depending on method of payment. Each registrant will also receive an with appropriate login information and more information regarding the event 24 hours prior to its start. To log on, you will need a computer with a broadband connection and audio system. WHAT IS A SINGLE SITE CONNECTION? A site connection allows a single connection to the Webinar. That connection is open to any number of users in a collaborative setting. Because there are no travel expenses and only a single registration fee is required, each additional participant lowers the cost per participant significantly. By purchasing a site connection, you can invite as many people as you would like to view and participate in the session from a single location. Set up the session in a conference room and project the presentation and chat on a large screen. You also have rights to distribute copies of the presentation materials to everyone involved. Please note that audio is received via the computer sound system and must be broadcast to your group. If you have any technical or purchasing questions, please contact us at Start Time: 1:00 p.m. Eastern Time United States Regional Start Times: 10:00 a.m. Pacific :: 11:00 a.m. Mountain :: 12:00 p.m. Central :: 1:00 p.m. Eastern Use the time zone converter ( to find your correct start time DTC Blvd., Suite 800 5

6 REGISTRATION INFORMATION Mail Directly To: Electric Utility Consultants, Inc. () 4601 DTC Blvd., Ste. 800 OR, scan and to: PLEASE REGISTER THE FOLLOWING MANAGING CONSTRUCTION RISKS WITH INSURANCE AND CONSTRUCTION SURETY NOVEMBER 19, 2015: US $345 EARLY BIRD ON OR BEFORE NOVEMBER 18, 2015: US $295 WEB CONFERENCE PRESENTATIONS AVAILABLE ON CD/LINK CDs are available 48 hours after the webinar is complete. The cost per CD is $295 (add US $50 for international shipments). In addition, CDs are 1/2 price when ordered with a live webinar. In addition, a downloadable link to the presentation/materials is available for $295 as well (the link will be ed and no shipping is charged with this option). Note: All web conference CD sales are final and are nonrefundable. CD Option Link Option ENERG ZE WEEKLY s Energize Weekly newsletter compiles and reports on the latest news and trends in the energy industry. Newsletter recipients also receive a different, complimentary conference presentation every week on a relevant industry topic. The presentations are selected from a massive library of more than 1,000 current presentations that has gathered during its 28 years organizing conferences. Sign me up for Energize Weekly. How did you hear about this event? (direct , colleague, speaker(s), etc.) Print Name Job Title Company What name do you prefer on your name badge? Address City State/Province Zip/Postal Code Country Telephone List any dietary or accessibility needs here CREDIT CARD Name on Card Account Number Billing Address Billing City Billing State Billing Zip Code/Postal Code Exp. Date Security Code (last 3 digits on the back of Visa and MC or 4 digits on front of AmEx) OR Enclosed is a check for $ to cover registrations. All cancellations received on or before October 30, 2015, will be subject to a US $50 processing fee. Written cancellations received after this date will create a credit of the tuition (less processing fee) good toward any other event or publication. This credit will be good for six months. In case of event cancellation, s liability is limited to refund of the event registration fee only. For more information regarding administrative policies, such as complaints and refunds, please contact our offices at reserves the right to alter this program without prior notice DTC Blvd., Suite 800 6