Source: https://constructionexec.com/, July 5, 2022
By: Mark D. Shifton

Ensuring appropriate insurance coverage for large construction projects is an important and complicated process. While insurance will never be able to prevent potentially ruinous events such as catastrophic construction accidents or the discovery of latent construction defects long after substantial completion, the right insurance coverage can mitigate those risks, ensuring construction claims can be managed without leading to astronomical defense costs. In the real world, in a construction project involving numerous subcontractors working under a general contractor, ensuring adequate insurance can be a nightmare. To adequately protect the project—as well as its own interests—requires the general contractor to keep on top of possibly dozens of subcontractors, ensuring those subcontractors have the right type of insurance with adequate limits. Read more.