Description
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.
Presented By
Mr. Chamberlain’s practice runs the gamut of commercial disputes, including focusses in insurance recovery, construction litigation, international arbitration and global sourcing agreements. His clients include leading utilities, real estate developers, construction contractors and global manufacturers.
Mr. Sanchez represents general contractors, specialty trades and subcontractors, including the arbitration, mediation and litigation of claims. He advises clients on claim management and avoidance, risk management and insurance, scheduling and safety issues as well as minority certification and compliance. He negotiates and drafts all types of construction contracts, perfects and enforces mechanics’ liens, prosecutes and defends defective workmanship claims and surety bond claims. He counsels clients on a wide variety of issues including delay and acceleration, defective workmanship, insurance coverage, competitive bidding disputes, surety bond claims, personal injury and wrongful death claims and termination claims.
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This 90-minute webinar is eligible in most states for 1.5 CLE credits.
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Date + Time
- event
Tuesday, April 18, 2023
- schedule
1:00 p.m. ET./10:00 a.m. PT
- Surety bonds
- CGL coverage
- Faulty workmanship
- Property damage
- Owner vs. contractor vs. surety perspectives
The panel will review these and other high priority issues:
- What are the distinctions between CGL policies and surety bonds?
- Where might performance bonds and CGL policies overlap in the context of a contractor's default or other nonperformance?
