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.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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
How to Transfer Risk Through Insurance Policies
- Transferring Risk to Additional Insureds via Vendor Endorsement, by Contract and Specific Endorsements
- Transferring Risk Through Supplementary Payment Provisions
How to Establish Effective Loss Control and Claims Submission Practices and Procedures
- 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
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Credit
More Program Information
Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on December 15, 2021.
Call 1-866-352-9540 for further credit information.
- CA MCLE 1.0
- Lorman Education Services is a State Bar of California approved MCLE sponsor and this course qualifies for 1.0 CLE hours of participatory credit.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Kevin B. Dreher
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
- Can be contacted at [email protected] or 312-214-8308
Haley A. Hinton
Barnes & 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 [email protected]
Caroline M. Upton
Barnes & Thornburg LLP
- Of counsel in the Insurance Recovery Group in Barnes & Thornburg LLP’s Chicago Office
- Represents corporate policyholders at all stages of the insurance recovery process, from insurance counseling to coverage disputes and litigation
- Assists clients in a wide range of insurance coverage areas, including general liability and business risks, cargo and marine claims, first-party property and business interruption rise, product liability, Bermuda Form claims, and more
- Experience handling coverage disputes with major U.S., London, and Bermuda market insurers, and in jurisdictions across the United States
- J.D. degree, University of Illinois College of Law; B.A. degree, Allegheny College
- Can be contacted at 312-214-8830 or [email protected]
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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