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Membership | White Paper
Effective Contractual Risk Transfer in Construction
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Topics Included in the Report
Statutory Limitations on Risk Transfer
Most states limit the amount of risk that can be transferred in certain types of construction contracts. Running afoul of the applicable anti-indemnity statute can nullify the indemnification provision unless appropriate “savings” language is included.
Additional Insured Coverage
Indemnification provisions are often "backed up" with additional insured requirements. Additional insured endorsements vary in the scope of coverage provided, so it is important to ensure appropriate endorsements are attached.
Outdated Insurance Requirements
Insurance requirements are often given little to no thought by contract drafters, who may copy and paste requirements from prior contracts without consideration of current market conditions and policy language. This practice creates unnecessary friction in the contracting process.
Certificates of Insurance
Certificates of insurance are an important tool for documenting coverages required in the contract. A proactive certificate management system will assist contractors in ensuring contract requirements are met.
Who Is IRMI?
For over 40 years, International Risk Management Institute, Inc. (IRMI), has been a premier provider of practical and unbiased risk management and insurance information to corporations, law firms, government, and the insurance industry. This information is developed by the most experienced research and editorial team in insurance reference publishing in partnership with a host of industry practitioners who work with us. We take great pride in giving you up-to-date, objective, and practical strategies, tactics, and solutions to help you succeed and prosper in a changing insurance and risk management environment.