Transferring Risk : Going beyond boilerplate when selecting insurance By Joseph R. Harbeson and Matthew F. Didora


PERHAPS Benjamin Franklin was not quite complete when he warned Jean-Baptiste Leroy that death and taxes were the only two certainties in life. Experience has shown us that there is a third: Accidents do happen. Anyone involved in the construction industry knows this all too well.

Modern construction projects are complex, expensive and dangerous. Developers, architects and contractors are constantly implementing larger and more innovative designs. As projects increase in complexity, so too do the risks of injury to individuals or property, a reality made unfortunately clear in recent months in New York City. It is therefore critical that contractors at each level of a project, from the design professionals and general contractor down to the smallest trades, have sufficient insurance in place to protect themselves in the event that an accident takes place while they are on the job.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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