Know the pros and cons of subcontractor default insurance so you are prepared for your next project.
Are you involved in a complex and large-scale construction project, whether from the owner or general contractor's perspective? Are you having an issue obtaining qualified, bonded trade partners? If so, has the topic of subcontractor default insurance (SDI) been discussed? SDI is an important topic since SDI would generally serve as an alternative to requiring subcontractors to obtain performance bonds. SDI is a first-party insurance policy but operates differently than the first-party insurance policies you typically think of, such as a property insurance/builder's risk. SDI is not a performance bond and operates differently than a performance bond. SDI is designed to cover more catastrophic-type defaults and can be a useful insurance policy on well-managed projects with a focus on your prequalification requirements. This topic will explain the differences between a performance bond and SDI, discuss how a SDI policy operates, and touch upon the positives and negatives of SDI. In a volatile market such as the current market, it's imperative to understand your options when it comes to risk assessment, including not only flowing down risk, but ensuring you have the right coverage for that risk.
Agenda
Faculty
David Adelstein
Kirwin Norris, P.A.
- Partner in the office of Kirwin Norris, P.A.
- Practice emphasizes all aspects of construction law, including construction insurance
- Conducts regular seminars and workshops on numerous aspects of construction law and construction insurance
- Author of several publications related to the areas of construction law and blogs about construction law at www.floridaconstructionlegalupdates.com
- Can be contacted at [email protected] or 954-295-6117
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