Professional Guidance Concerning Insurance And Bonds For Construction Projects
Our attorneys assist owner-developers in selecting the appropriate products for their respective needs.
Our firm has been involved in construction law since 1919, and it has the knowledge and experience to advise and represent clients in all matters related to surety bonds and construction insurance.
Issues Regarding Surety Bonds
Our attorneys regularly review surety bonds written by surety companies and other third parties. We identify issues that may require negotiation or adjustment in order to minimize the risks to our client. We also evaluate the reputation and rating of the surety company issuing the bond.
Surety bonds almost always are required for public projects. Performance and payment bonds often are issued for private projects to protect the owner. Whether the project is public or private, our lawyers have the knowledge and experience to evaluate and negotiate bond documents.
Construction Insurance, Bid Bonds And Property Insurance Issues
Construction insurance often is overlooked but has the potential to save a project from disaster. It can protect the site, the public and the insured parties in the event of calamities such as a building collapse, shoring accidents and design defects. We help clients identify and select the correct insurance products for their needs. We advise regarding appropriate levels and types of insurance coverage, and we assure you that all necessary parties are named and covered by such policies. Some of the products we help evaluate include:
- Builder’s risk insurance
- Liability insurance, including commercial, general, automobile, employer’s liability and statutory workers’ compensation
- Owner Controlled Insurance Programs (OCIP)
- Owner’s Professional Program Insurance (OPPI)
We work closely with our clients’ brokers to determine the most appropriate and cost-effective insurance product for a project under consideration.
To speak with a lawyer about our legal services, contact us at 212-688-1900.