Understand the types of risks addressed by insurance and the advantages and disadvantages of those three options.
Owners and contractors have been subject to increased litigation arising from risks created by construction operations. However, due to changes in the insurance market, contractors are increasingly challenged to secure insurance coverage to meet owner insurance requirements. As a result, many owners have turned to incepting an owner-controlled insurance program or relying on a contractor-controlled insurance program to address the project risks.
This course will arm you with an overview of the types of risks typically addressed by insurance and a review of the advantages and disadvantages of the three options of insuring those risks: traditional insurance, owner-controlled insurance, or contractor-controlled insurance. Whether you have ongoing maintenance projects or you are planning to build a large project, this material will equip you with an understanding of your options for managing those project risks.
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