Performance Bonds and CGL Insurance in Construction Projects: Navigating Interplay Between Insurance and Surety

Minimizing Risks and Maximizing Recovery for Defective Workmanship and Property Damage

Recording of a 90-minute CLE webinar with Q&A


Conducted on Tuesday, February 5, 2019

Recorded event now available

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Program Materials

This CLE webinar will review the critical differences between insurance and suretyship and the interplay between commercial general liability (CGL) policies and performance bonds for losses involving defective work or property damage. Our panel of experts will discuss best practices to minimize risk on construction projects through both CGL policies and performance bonds.

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.

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Outline

  1. Surety bonds
  2. CGL coverage
  3. Faulty workmanship
  4. Property damage
  5. Owner vs. contractor vs. surety perspectives

Benefits

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?
  • How has the recent expansion of CGL coverage for defective workmanship led to confusion with coverage under a performance bond?

Faculty

Kingsley, Patrick
Patrick R. Kingsley

Chair, Construction
Stradley Ronon Stevens & Young

As Chair of the firm’s Construction Group, Mr. Kingsley handles a wide variety of complex commercial disputes,...  |  Read More

Sanchez, Marc
Marc A. Sanchez

Partner
Frantz Ward

Mr. Sanchez represents general contractors, specialty trades and subcontractors, including the arbitration,...  |  Read More

Other Formats
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Strafford will process CLE credit for one person on each recording. All formats include program handouts. To find out which recorded format will provide the best CLE option, select your state:

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