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Harmonizing Risk Transfer in Commercial Agreements and Insurance Policies Related to Construction Pr
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Learn how to effectively transfer risk and avoid potential pitfalls on your construction project.

12/10/2015
When: 12/10/2015
1:00 PM
Where: Online Webinar
Contact: Lorman Education

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This is a Lorman Education Online Webinar.  AIC Members receive discounted registration.  This webinar is approved for CPD credit. 

  

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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 incurred when risk transfer fails. This topic will describe how to effectively transfer risk through commercial agreements and insurance policies and the process that needs 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 properly document risk transfer arrangements in commercial agreements and insurance policies far too often results in a costs being incurred for 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 how to utilize 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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