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Source: Federal Reserve Bank of St. Louis Superstorm Sandy taught contractors a valuable lesson about claims. (Source: Fred Economic Research/Federal Reserve Bank of St. Louis)

As insurance experts in the construction industry know, it’s important for general contractors (GCs) to vet their subcontractors’ general liability (GL) policies to ensure the proper coverages are in place.

But during economic slowdowns like the one we’re in now, it’s even more important. Why? Let’s take a look at recent history to better understand this task.

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