Learn how to effectively transfer risk and avoid potential pitfalls on your construction project.
Every company involved in a construction project should evaluate risks and consider whether and how to transfer risks when entering into commercial arrangements with other companies engaged in the construction project. However, few fully understand the legal mechanics involved in effectively transferring risk and the potential pitfalls when risk transfer fails. This topic will describe how to effectively transfer risk through commercial agreements and insurance policies. You will learn about the processes that need to be followed to ensure all parties to such a transaction understand where the risk lies in the event of a loss. This topic will also explain how to establish effective loss control and claims submission strategies to mitigate risk and respond in the event of a claim. Failing to plan for and correctly document risk transfer arrangements in commercial agreements and insurance policies far too often results in incurred costs for the defense of claims and loss payments - even where the parties intended the risk to be transferred.Learning Objectives
- You will be able to review the key components necessary to effectively transfer risk in a commercial transaction related to construction projects.
- You will be able to describe how to effectively transfer risk from one party to another through commercial agreements related to construction projects.
- You will be able to discuss indemnity provisions and insurance requirement provisions.You will be able to recognize the risks transferred in insurance policies when adding another party as an additional insured.
Agenda
How to Transfer Risk Within Commercial Agreements Related to Construction Projects- Utilizing Indemnity Agreements to Transfer Risk
- Utilizing Insurance Requirement Provisions to Transfer Risk
- Transferring Risk to Additional Insureds via Vendor Endorsement, by Contract and Specific Endorsements
- Transferring Risk Through Supplementary Payment Provisions
- How to Ensure Effective Harmonization of Risk Transfer Through Commercial Agreements and Insurance Policies
- Effectively Negotiating Risk Transfer Arrangements
- Establishing Loss Control and Claims Submission Strategies
Speaker(s)
Haley H. CasperBarnes & Thornburg LLP
- Associate in the Insurance Recovery Group of Barnes & Thornburg LLP in Chicago
- Represents manufacturers, national sports teams and leagues, and policyholders with claims related to mergers and acquisitions, under representations, and warranties policies
- Represents companies with loss related to cybercrime under cyber liability coverage, long-tail environmental and toxic tort claims under general liability policies, including companies with loss related to COVID-19, natural disaster under first-party and business interruption insurance, and companies with loss under ocean cargo marine and storage policies
- Served as a legal and legislative intern at the Connecticut Department of Insurance
- Can be contacted at hcasper@btlaw.com
Barnes & Thornburg LLP
- Partner, Barnes & Thornburg LLP, co-chair of Insurance Recovery Practice
- Litigator and trial lawyer focusing on insurance recovery on behalf of policyholders, complex commercial litigation, and dispute-related counseling
- Has represented policyholders and recovered hundreds of millions of dollars in a wide range of insurance coverage disputes, including long-tail environmental, toxic tort, and asbestos claims under general liability policies; claims for media liability and PAIL coverage; losses stemming from natural and man-made disasters and COVID-19 under first-party and business interruption insurance; securities and fiduciary duty claims triggering D&O liability coverage and professional liability insurance; and losses under ocean cargo marine and storage policies
