* You will be able to recognize owner considerations for selecting the right insurance option.
* You will be able to define advantages and disadvantages of the three insurance options.
* You will be able to explain and understand design and construction risk.
* You will be able to identify those risks typically insured in construction projects.
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 ownercontrolled insurance program or relying on a contractorcontrolled 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, ownercontrolled insurance or contractorcontrolled 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.
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
• Types of Projects
• Project Delivery Methods
• Impact on Contractor Relationships
• Bidding Methodology
William Buchan with Aon Risk Soluntions, Michael B. Lapicola with Faegre Baker Daniels LLP
CLE (Please check the Detailed Credit Information page for states that have already been approved) ,CPE ,ENG ,Additional credit may be available upon request.