Every construction project has common, and unique, physical and business risks, and the right combination of insurance coverages and surety bonds can be used to effectively manage those risks. During this session, you will learn about various types of insurance coverages owners should require, or consider, for each construction project, and about payment and performance bonds. You will also learn how to work with the contractor and insurance advisors to structure a comprehensive set requirements for each project. While most of the insurance coverage and bond concepts are common in the industry and appropriate for most types of construction contracts, in order to understand their application and appropriateness in todays’ contracting environment, they will be presented in the framework of the AIA’s Contract Documents.
The AIA’s insurance and bond documents include, among others, AIA A101-2017 Exhibit A (Insurance and Bonds), AIA A312-2010 Payment Bond, and AIA A312-2010 Performance Bond. By attending this program, attendees will gain valuable information to better understand insurance and bond options, and will gain a better understanding of how to immediately utilize these unique risk management tools.