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 owner-controlled insurance program or relying on a contractor-controlled insurance program to address the project risks. This course 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, owner-controlled insurance, or contractor-controlled insurance. Whether you have ongoing maintenance projects or you are planning to build a large project, this material will equip you with an understanding of your options for managing those project risks.
Learning Objectives
- 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.
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Why Lorman?
Over 38 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
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 Desired in Today's Environment
Advantages of Wrap-Up vs. Traditional Insurance
Disadvantages of Wrap-Up vs. Traditional Insurance
Common Misconceptions of O/CCIPs
Considerations:
- Types of Projects
- Project Delivery Methods
- Impact on Contractor Relationships
- Bidding Methodology
- Administration
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More Program Information
Why Lorman?
Over 38 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 May 10, 2022.
Call 1-866-352-9540 for further credit information.
- AK CLE 1.0
- Alaska attorneys may receive 1.0 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
- AL CLE 1.1
- This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.1 hours credit.
- Arizona CLE 1.0
- The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.0 hours toward your annual CLE requirement for the State Bar of Arizona.
- 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.
- CT CLE 1.0
- Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.0 CLE credit(s).
- GA CLE 1.0
- This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.0 CLE hours.
- MO CLE 1.3
- This course qualifies for self-study CLE credit in Missouri.
- NM CLE 1.1
- This program has been approved by the New Mexico Minimum Continuing Legal Education Board for 1.1 hours of credit.
- RI CLE 1.0
- This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.0 hours of CLE credit.
- VT CLE 1.0
- This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.0 hour(s) of CLE credit. Please note: Attorneys may only claim 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
- WA CLE 1.0
- This program has been approved by the Washington State Board of Continuing Legal Education for 1.0 hours of A/V credit under the Law & Legal Procedure category.
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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Credit
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Why Lorman?
Over 38 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
William Buchan
- Currently a Senior Risk Manager for Gilbane Construction
- More than 30 years of experience in the risk management, insurance, and construction industries
- Is a National Risk Management resource
- Provides a rounded and measured advisory service, which includes contract review, risk transfer method, captive utilization, claims advice, and senior leadership consulting for program construction
- B.A. degree, North Park University
- Can be contacted at [email protected]
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Why Lorman?
Over 38 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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