Fred Jacoby will be speaking on a panel for the Strafford webinar, "Performance Bonds and CGL Insurance in Construction Projects: Navigating Interplay Between Insurance and Sure."
CGL insurance and performance bonds are two common financial risk mitigation tools for construction projects. While there are similarities and overlap, liability insurance and surety bonds are very different products and respond to losses in different ways.
Defective workmanship claims in a construction contractor's default can implicate both insurance and surety bonds. Consequently, practitioners representing project owners, contractors, insurers, or sureties must thoroughly understand the differences between performance bonds and CGL policies, the protections provided, when each comes into play, and where they overlap.
Listen as our authoritative panel of construction practitioners explains the distinctions between insurance and suretyship, identifies potential overlap and the interplay between CGL policies and performance bonds for defective workmanship and property damages, and offers best practices for minimizing risk and maximizing coverage.
The panel will review these and other high priority issues:
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What are the distinctions between CGL policies and surety bonds?
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Where might performance bonds and CGL policies overlap in the context of a contractor's default or other nonperformance?
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How has the recent expansion of CGL coverage for defective workmanship led to confusion with coverage under a performance bond