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 video webinar with Q&A


Conducted on Wednesday, March 17, 2021

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 CGL policies and performance bonds for losses involving defective work or property damage. Our panel of experts will discuss best practices to minimize construction project risk 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?

Faculty

Jacoby, Fred
Fred Warren Jacoby

Vice Chairman
Cozen O'Connor

Mr. Jacoby is a commercial litigator with an emphasis on construction law. He has notably diverse experience and is a...  |  Read More

Levin, Jay
Jay M. Levin

Principal
Offit Kurman

Mr. Levin is an insurance recovery attorney and serves as the chair of the firm's Insurance Recovery practice...  |  Read More

Access Anytime, Anywhere

Strafford will process CLE credit for one person on each recording. All formats include program handouts.

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