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Instant Insights / Construction update: Challenges, opportunities and risks

Today's construction insurance market offers unique challenges and risks, but it also presents opportunities for agents, brokers, and insurers to grow business.

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Construction contract with pen Be sure you understand all the terms and conditions in your design/build contracts before you sign them. (Photo: iStock)

It’s inevitable. Every project is bound to have a glitch or two. Big or small, there are far too many moving parts on virtually any job site to cover every issue.

These challenges have become even more glaring in an environment that increasingly employs design/build as a project delivery vehicle. Historically, when design/bid/build was the pre-eminent project delivery method, the roles of the design team and the contracting teams were clearly defined. Everyone knew where their responsibilities began and ended and there was little overlap. Unfortunately, that’s no longer the case as the lines between design and construction continue to blur. In addition, expediency is now a key expectation of the project owner, which increases the potential for professional liability claims to occur.

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