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 topic 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 topic will equip you with an understanding of your options for managing those project risks.
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Why Lorman?
Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
What Contractors Need to Know About OCIPs and CCIPs
What Options Are Afforded to GC/CMs and Owners
- Traditional Approach
- Wrap-up Concept
Other Project-Specific Coverage Alternatives
Wrap-up Program Options
Sponsor Advantages to Wrap-ups
Potential Sponsor Disadvantages
Why Wrap-ups Are Popular Today
Contractor Advantages of Wrap-up vs. Traditional Insurance
Contractor Disadvantages of Wrap-up vs. Traditional Insurance
Common Misconceptions of CCIPs
Considerations:
- Types of Projects
- Project Delivery Methods
- Impact on Contractor Relationships
- Bidding Methodology
- Administration
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Why Lorman?
Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on February 12, 2019.
Call 1-866-352-9540 for further credit information.
No Credit AvailableThis program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
William Buchan
- Managing director of the construction services group with Aon Risk Services
- More than 30 years of experience in the risk management, finance, insurance and construction industries
- Is a National Project Solutions resource, advising both owner/developers and general contractors
- Provides a rounded and measured advisory service, which includes: contract review, risk transfer method, captive utilization, claims advice and senior leadership consulting for program construction
- B.A. degree, North Park University
- Can be contacted at 393-639-4103 or [email protected]
Molly Buscher
Faegre Baker Daniels LLP
- Associate attorney in the Indianapolis office of Faegre Baker Daniels LLP
- Practice emphasizes construction contract drafting, negotiation, and risk assessment as well as the litigation of construction and software implementation-related disputes
- Contributing author of the ABA’s Model Jury Instructions for Construction Litigation (Second Edition)
- J.D. degree, cum laude, Washington University in St. Louis School of Law; B.A. degree, summa cum laude, The George Washington University
- Can be contacted at 317-237-0300 or [email protected]
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Why Lorman?
Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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