In an article published in Construction Executive on May 6, 2020, Dan Kapner outlines contractual concerns and insurance considerations that contractors should know when planning recovery strategies for their construction projects after a natural weather disaster.
When drafting recovery plans, there are contractual concerns that should be considered, including claim submission requirements, increases to costs of the work, delays and termination. Additionally, insurance policies that should be reviewed include property, casualty and builders risk policies, determining the scope of available coverage and identifying issues that may affect a policyholder’s ability to collect on a claim.
“Other concerns include whether any builder’s risk policies cover natural disasters; whether policies cover any expected business interruption losses caused by delays, or “contingent” business interruption losses; and how project participants will collect and preserve materials necessary to substantiate claims,” explains Kapner.
For the full article, click here.