Construction Super Conference 2018

Sessions Speakers Exhibitors Floor Plan Buzz

S35 ABA - Mind the Coverage Gap: Insurance Specifications and Policy Terms That Can Trip You Up (Room Encore Ballroom 4)

12 Dec 18
1:45 PM - 3:00 PM

Tracks: Business, Business, Business, Business, Business, Business, Business, Business, Business, Business, Business, Business, Business, Business, Business, Business, Embroidery, Embroidery, Embroidery, Embroidery, Embroidery, Screen Printing, Screen Printing, Screen Printing, Screen Printing, Screen Printing

Most insurance contracts require the downstream parties to name the upstream parties as additional insureds. How that requirement and others are stated in the insurance specifications can make a big difference in who actually ends up paying for common construction losses. This presentation will take some common construction losses and describe how different variations in the insurance specifications and gaps created by poorly understood policy terms can leave some parties with an unexpected bill to pay. This presentation will include: 

  1. Variations in Additional Insured Endorsements
  2. Properly Naming Additional Insureds
  3. Primary and Non-Contributory Requirements
  4. Horaivers of Subrogation
  5. Standard and Non-Standard Exclusions 
  6. Cyber and Social Engineering Risks
  7. Pollution Risks
  8. Design Liability 

This session will expose the gaps in coverage for various construction losses as a result of common variables taken from standard insurance specifications and discuss how to close those gaps through the specifications and various insurance products.

Upon completion of this session, participants will be able to:

  • Understand how to write insurance specifications to maximize coverage.
  • Identify gaps in coverage and how to close them.
  • Insure emerging construction risks such as Cyber and Social Engineering.

Presented by: ABA