Description
Understand additional insured coverage and requirements, as well as the benefits and pitfalls.
Imagine this extremely common hypothetical A landowner hires a construction manager for a large construction project in Chicago. The construction manager hires various subcontractors to work on the project, and during the construction, an employee for the HVAC subcontractor is injured when she falls from a ladder. The employee then files a lawsuit against the owner and the construction manager, both of which file a thirdparty action against the HVAC subcontractor.
For the owner and the construction manager, obtaining additional insured coverage is one critical tool in the risk transfer toolbox. Ensuring that they have coverage under the subcontractors policy is important for minimizing their own exposure and can potentially impact their policy premiums and maintain their own policy aggregates. During this presentation, we will discuss various additional insured endorsements and considerations for contract drafting and negotiation to ensure that risk transfer is an available option.
Date: 2023-10-24 Start Time: 1:00 PM ET End Time: 2:05 PM ET
Learning Objectives
* You will be able to discuss the limits of relying on certificates of insurance.
* You will be able to explain why procuring additional insured coverage is important.
* You will be able to recognize different types of additional insured provisions.
* You will be able to review a contract to determine if it complies with the requirements of an additional insured endorsement.