Evolving Insurance Requirements Spread Risk Among Contractors | Burns & Wilcox

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Evolving Insurance Requirements Spread Risk Among Contractors

Large construction projects are extraordinarily complex and require intense collaboration between all parties including designers, engineers, contractors and subcontractors. It is essential that these professionals are on the same page from day one and take full advantage of the opportunity to incorporate new and emerging technologies, materials and features that can enhance the design aesthetic while reducing project costs.

While this collaborative approach may benefit owners and developers, changing insurance requirements regarding the transfer of risk to all involved parties can become a point of friction for owners, general contractors and subcontractors during contract negotiation.