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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

  • work Practice Area

    Real Property - Transactions

Date & Time
  • event Date

    Thursday, April 22, 2021

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

$347.00
CLE
ALL

This CLE course will provide real estate counsel with advice on assessing and advising developers' insurance needs related to commercial property. The panel will guide counsel on the extent of insurance coverage to address the unique circumstance involved with real estate development. Counsel should be conversant with the potential risks to their developer clients and the types of policies available, so that they can prepare contract documents that require the right parties to purchase the right insurance.

Faculty

Michael V. Pepe
Managing Partner
Saxe, Doernberger & Vita, P.C.

Mr. Pepe focuses his practice on complex insurance coverage issues on behalf of policyholders, and has advocated for his clients at trial, on appeal and in ADR settings. He routinely handles issues dealing with commercial liability, builders’ risk, additional insured claims, indemnity, and the duty to defend. Prior to joining the firm, Mr. Pepe represented general contractors, subcontractors, architects and homeowners in contract disputes, construction defect claims, and surety bond claims. 

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Cheryl L. Kozdrey
Attorney
Saxe, Doernberger & Vita, P.C.

Ms. Kozdrey exclusively represents policyholders in complex insurance coverage litigation. She also advises insurance brokers, risk managers, and construction industry professionals regarding optimal risk transfer strategies and insurance solutions. Ms. Kozdrey assists clients with initial policy reviews, as well as renewals and modification(s) of existing policies to ensure coverage needs are satisfied. She is currently working on some of the largest construction defect coverage cases in the country.

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Description

Real estate counsel must prepare to advise commercial real estate developers on the extent of necessary and adequate insurance. Most developers carry a commercial general liability policy. However, CGLs may not fully protect a developer against all risks during development. CGL policies address third-party claims involving bodily injury and property damage. They do not cover damage to the developer's own property, or professional or environmental risks.

The owner or general contractor on a project can purchase OCIP or CCIP, sometimes referred to as "wrap-up insurance," on behalf of all the development participants, such as the contractors, subcontractors, architects, and engineers. Though developers require all contractors working on a project to maintain insurance coverage, numerous participants' individual policies inject more risk into a project. A wrap-up policy can reduce finger-pointing and avoid possible coverage gaps by including all parties under one master general liability policy.

Real estate development and construction professional liability insurance is unique because it insures against real estate developers' professional services and can provide an additional layer of insurance for the construction and design professionals that they hire.

Some commercial redevelopment involves EPA-designated brownfields or other properties requiring remediation. Any project with potential environmental risks should be evaluated for environmental insurance coverage. Counsel must review the project due diligence and advise developers on the risk of failing to account for this liability exposure.

Construction projects must adhere to strict schedules to avoid costly delays. Builders' risk policies minimize delays by ensuring a quick resolution if a property claim occurs on a construction project. These policies also insure against accidental loss or damage to contractors' work and property during construction and extend coverage to project equipment, materials, and supplies. Builders' risk policies can include the owner, general contractor, and subcontractors.

Listen as our expert panel addresses the major types of insurance a real estate developer may need and how counsel can review and assess a developer's needs to assist in deciding on the policies necessary to handle a particular project's unique circumstance.

Outline

  1. General liability
    1. Exclusion
    2. Risks
  2. OCIP/Wrap insurance
  3. Professional liability
  4. Environmental
  5. Builders' risk

Benefits

The panel will review these and other important issues:

  • What are the limitations of general liability policies related to commercial real estate development?
  • What gaps in coverage does OCIP address, and at what threshold should it be considered by a developer?
  • What circumstances/incidents are covered under a professional liability policy?
  • What types of environmental circumstances would necessitate a special policy?
  • How can a developer utilize builders' risk coverage to minimize delays?