Date: July 12, 2018 at 1:00 PM ET – 2:30 PM ET
Understand additional insured coverage and requirements, as well as the benefits and pitfalls.
In many fields, particularly construction, risk shifting has a significant impact on the profitability of a project. One of the most effective ways to contractually shift risk is through the use of additional insured and indemnification provisions. Unfortunately, too often those contractual terms are drafted in a manner that allows the opposing party and that partys insurer to deny coverage and as such, refuse to accept the loss.
This topic will provide a howto guide in order to allow counsel and clients, including construction companies, condominium associations, developers and others, to draft solid insurance and indemnification clauses. It will detail the standard and some significant nonstandard additional insured forms so that parties can draft solid requirements for coverage. It will also discuss indemnification provisions and the impact on coverage. The content will discuss some significant nonstandard Commercial General Liability clauses that put owners and general contractors at risk.
In addition, it will provide a howto guide for counsel and risk managers for handling a loss in order to increase the odds that an opposing insurer will accept the loss. It will discuss to whom notice must be given, by whom, and how quickly.
It will cover the reservation of rights letter, and how to respond to it. Finally, it will discuss the potential for conflicts and the obligations of counsel when it comes to potential representation of multiple parties.
* You will be able to describe advantages and disadvantages of standard ISO insured forms and identify certain nonstandard AI endorsements providing limited coverage to additional insureds so parties can draft contracts.
* You will be able to identify certain potentially problematic nonstandard Commercial General Liability policies that limit coverage for the acts of subcontractors.
* You will be able to recognize the significance, or lack thereof, of a Certificate of Insurance and obtain some ideas on superior methods of verifying coverage.
* You will be able to discuss potential conflicts of interest when it comes to insurers Reservation of Rights letters and be able to address with the insurer the insureds options.
Credits: CLE (Please check the Detailed Credit Information page for states that have already been approved) ,CPE ,ENG ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.