Risk Awareness and Mitigation in Disaster Recovery: During a Catastrophe

Jon Critelli, Randall Coxworth, Paul Ryan and Christian Gordon | StoneTurn In 2022, the United States experienced 18 separate weather and climate disasters costing at least one billion dollars according to NOAA. In 2023, that number rose to 28 separate billion dollar weather events. The frequency and large geographical areas that these catastrophes are impacting means owners… Continue reading Risk Awareness and Mitigation in Disaster Recovery: During a Catastrophe

Lesser-Known Insurance Policies for Addressing Project Risks

Sean C. Gay | Stoel Rives Construction projects involve significant risks to project owners, designers, and contractors. Many such risks are allocated in the parties’ contracts, which in turn require those parties to obtain insurance—further allocating risks to insurance companies. By providing coverage for losses and collecting premiums, insurers help those parties protect against financial… Continue reading Lesser-Known Insurance Policies for Addressing Project Risks

Court Says Builder’s Risk Policy Limited Coverage for Additional Insureds

Joshua Tumen | Property Insurance Law Observer In BCC Partners, LLC v. Travelers Prop. Cas. Co. of America, 2024 WL 1050117 (E.D. Mo. March 11, 2024), the Court determined that the plaintiff property owner, as an additional insured, was not entitled to the same insurance coverage as the named insured where the builder’s risk policy limited… Continue reading Court Says Builder’s Risk Policy Limited Coverage for Additional Insureds

Xcel Says Its Equipment Likely Involved in Huge Texas Blaze

Mark Chediak | Claims Journal Xcel Energy Inc. acknowledged that its equipment was likely involved in igniting the worst wildfire in Texas history. But the utility company refuted allegations it had acted negligently. “Based on currently available information, Xcel Energy acknowledges that its facilities appear to have been involved in an ignition of the Smokehouse… Continue reading Xcel Says Its Equipment Likely Involved in Huge Texas Blaze

To OCIP or Not to OCIP, That Is the Question – Pros and Cons of Wrap-Up Construction Insurance

Michael Jefferson | Davis Wright Tremaine Developers and owners often find that obtaining insurance coverage for their construction projects can be confusing and unnecessarily complicated. When dealing with construction projects in excess of $50 million, an Owner Controlled Insurance Program (“OCIP”) (also known as Wrap-Up or consolidated insurance) may be an option for owners to… Continue reading To OCIP or Not to OCIP, That Is the Question – Pros and Cons of Wrap-Up Construction Insurance

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