AGC today released another resource for construction professionals seeking to safeguard their projects and ensure successful outcomes: “Owner-Placed Builder’s Risk Insurance: What Construction Contractors Need to Know.” Second in a series of two comprehensive checklists designed to enhance your risk management strategy, this new checklist can help in the development of a risk management approach to determine if an owner’s policy adequately supports the risk the contractor may contractually accept. There are three main areas of focus: policy review, contractual requirements, and loss provisions. It offers practical tips and actionable insights and was written by AGC’s Risk Management Committee.
The first checklist – “Preventing and Managing the Risk of a Subcontractor Default – A Best Practices Checklist” – addresses key areas such as prequalifying subcontractors, using contracts to manage and reduce risks, and monitoring contract performance to mitigate defaults.
You can also visit AGC’s Hot Topic Resource Library for papers, reports, and other resources on surety, insurance, and other risk transfer options for projects, along with protocols and procedures for managing business and operational risks in construction. For more information, please contact Leah Pilconis or Kevin Cannon.