Protective Indemnity covers protective claims for amounts the insured is entitled to recover from downstream design professionals arising out of their failures in rendering professional services that exceed the downstream party’s own liability insurance
virtual 2022 Edition Insurance Automation Group (Booth #20) Advanced Digital Technologies Brings New Efficiencies and Benefits to the Surety Value Chain Now, that may be a funny way to illustrate a serious topic, but is a good example how new technologies can help producers save money and reduce E&O exposure. Let’s break it down… Under a typical manual process, there are several steps that need to happen; from printing the document, to signing, crimping, and scanning
Quigley of Bradley Arant Boult Cummings LLP Bradley has been publishing an ongoing survey of state-level bid protest processes and procedures (see, for example, our post on “ Bid Protests in New York ” and our “ Update on Bid Protests in Alabama ”). For the next state in this ongoing series, we focus on the bid protest procedures in the Commonwealth of Virginia
What is a price escalation clause? o A clause utilized to account for price fluctuation in construction costs for specifically identified materials particularly susceptible to fluctuation (i.e. steel, lumber) What are the benefits of a price escalation clause for an owner? o The risk of overpricing materials is reduced o Such a clause may allow a project to move forward in an uncertain market and may even expand the number of bidders What are the drawbacks of a price escalation clause for an owner? o The risk of a price increase is shifted to owner What are the benefits of a price escalation clause for a contractor? o The contractor is protected if market conditions worsen What are the drawbacks of a price escalation clause for a contractor? o Price escalation clauses may take away upside from the contractor for taking on greater risk o Additionally, more cost information must be disclosed by the contractor What are some of the best practices for drafting a price escalation clause?
Liability insurance: This is insurance against claims made by others for property damage or bodily injury...It provides coverage for everyone enrolled in the “wrap,” which usually includes all trades, but excludes design professionals
A surety bond producer plays a valuable communications role when a bonded company is going through bankruptcy proceedings, according to experts who participated in a commercial surety claims panel at the NASBP Annual Meeting on Tuesday
In both situations insurance for the risk is central, either to protect the contractor from errors by its in-house designers or to ensure that funds are available in the event of design errors when subcontracting design services
The new laws have only been in effect for a few months, but already workers on some of the largest construction projects in Virginia are utilizing the new statutory tools available to them to challenge the use of the independent contractor label in the construction industry