Builder's Risk Insurance: the Dangers of Misunderstanding the Covered Risks

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Covering risks by appropriate insurance is an essential element in planning a construction project. But what happens when the insured owner, its insurance agent and the insurance company have a different understanding of the risks? The British Columbia Court of Appeal recently addressed this issue. The decision in Concord Pacific shows how important it is for those involved in construction projects to carefully instruct their insurance agents.

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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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