Builder’s Risk Insurance:

What Owners and Contractors Need to Know

Presented by:
Seth D. Lamden
Partner, Neal, Gerber & Eisenberg LLP

Course-of-construction damage to work, materials, and equipment can severely impair the ability of project stakeholders to meet budgetary and scheduling targets due to unanticipated expenses incurred to remove and replace damaged work, repair other work, and prevent additional damage. Resulting delays can lead to other unanticipated expenses, including additional carrying costs and liquidated damages.

Builder’s risk insurance is often the most effective way to manage the risk of these unanticipated costs and delays, but only if the coverage provided by the builder’s risk policy is consistent with the expectations of the owner and contractors. It is crucial, therefore, for owners and contractors to understand the types of risks that builders’ risk policies cover – and do not cover – before they purchase builders' risk insurance for a specific project and before losses occur.

This program will provide an overview of some of the most common coverage disputes that arise between builders’ risk insurers and their insureds and will provide best management practices for owners and contractors to follow when procuring builder’s risk insurance and presenting claims to builder's risk insurers to avoid such disputes.

Listen to this 90-minute, information-packed program to:

• Understand the structure of a builder’s risk policy and the types of losses covered by builder's risk policies, including coverage for soft costs and defective construction losses
  
• Identify issues to consider when procuring builder’s risk insurance for a specific project
  
• Learn how to draft contractual insurance specifications relating to builder’s risk coverage
  
• Incorporate best practices when presenting a builder’s risk claim to avoid coverage disputes
  
• Integrate builder’s risk coverage and operational property insurance to ensure that there are no gaps in coverage
  
• Protect your organization with proven contract clauses
  
• And much, much more!

Who Will Benefit from This Program

This program is a must if you’re a contractor, public or private owner, subcontractor, construction manager, owner’s representative, architect, engineer or other design professional who is interested in an overview of builder's risk insurance and how it can help protect your organization for losses.

Meet Your Expert Presenter

Seth D. Lamden is a partner in the Policyholder Insurance Practice Group with the law firm of Neal, Gerber & Eisenberg LLP in Chicago. His law practice is focused exclusively on assisting insureds in resolving – and avoiding – disputed insurance claims. He has extensive experience representing owners and contractors in connection with builders’ risk and other construction-related insurance claims. Seth has written more than three dozen articles and five book chapters on topics relating to insurance law and has been a featured speaker at numerous insurance law programs. He recently was recognized by Law Bulletin Publishing Company as one of "40 Illinois Attorneys Under Forty to Watch.” He also is listed in The Best Lawyers in America© in the field of Insurance Law and maintains an AV Preeminent Peer Review rating from Martindale-Hubbell.