Tom Krider and Meghan Douris to present at the AGC’s 2020 Conference on Surety Bonding and Construction Risk Management January 29
Mon Jan 6, 2020
On January 29th, Tom Krider and Meghan Douris will present “Navigating Uninsured Indemnity Obligations” at the Associated General Contractor of America 2020 Conference on Surety Bonding and Construction Risk Management in Bonita Springs, FL. Tom and Meghan will present alongside of Earnest DeLoach, Jr., Vice President of Legal at Balfour Beatty, and John Claeys, Vice President-Surety, at Parker, Smith and Feek.
With increasing frequency, contractors (GCs and Subs) are being asked to sign agreements in which they undertake to indemnify project owners against any site-related liabilities that arise from their work during construction. The challenge is that these indemnification clauses used to mirror insurable risk – personal injury, property damage, etc. – but now they are so broadly worded that they cover nearly any loss suffered even if that loss is not insurable. This means that contractors are being held legally and financially responsible for losses that are not covered by traditional insurance policies resulting in substantially increased risk. This panel session will discuss the increasing legal and financial risk in today’s indemnification clauses, including:
- The various types of indemnity clauses, including state specific clauses and the impact on your business.
- How to navigate the various types of indemnification clauses in contracts to ensure you are protected.
- The risks of signing indemnification agreements without doing the necessary due diligence.
- Why proportional indemnity is important.
- What insurance typically covers related to indemnity clauses and what it doesn’t.