Construction industry participants face exposure to risks arising from the professional services that are required to design and construct a particular project. Professional liability insurance is a common tool used by contractors and designers to transfer risks from errors and omissions in the provision of professional services to third party insurers in exchange for payment of the policy premium. For design professionals these policies provide coverage for losses arising out of errors and omissions in professional design services such as those that result in the development of plans and specifications, as well as those arising from defective contract administration and consulting. Contractors purchase these policies to provide coverage largely to cover exposures from defective construction management.
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Each year, National Work Zone Awareness Week brings attention to these safety, mobility, and constructability issues. As a driver, you must use extra caution in work zones to keep yourself and others safe.
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Bill Cerney, Principal & Risk Advisor at Gibson, discusses surety capacity. Both contractors and manufacturers are often required to provide security in the form of surety bonds. Don’t wait until your customer’s contractual terms require a bond to know what bonding capacity you’re able to obtain.
Brad Serf, Principal and Risk Advisor at Gibson, discusses professional liability - Many contractors face professional liability risk – particularly as the line between contractors and design firms blurs. To hear what Brad has to say, check out the video below: