Members of our Infrastructure, Construction & Procurement group, Satinder Sidhu, Scott Lamb, Samantha Ip, Rosalie Clark and Kim Do presented a webinar last week on the topic of Risk Management on Construction Projects.
No construction project is free from risks including damage to property, cost escalations, poor performance, defects, etc. There are a number of mechanisms that construction professionals can use to manage risk on projects. In this webinar, our lawyers reviewed and discussed how the following mechanisms act as contract security for owners and contractors operating in this risk prone industry:
- Builders Risk / Course of Construction Policy Coverage – Samantha Ip and Kim Do
- Wrap-Up Liability Insurance – Satinder Sidhu
- Construction Bonds – Scott Lamb
- Warranties – Rosalie Clark
Attendees learned about property insurance coverage available during the course of construction and wrap up liability coverage in the context of construction claims. Further, participants learned how construction bonds serve as useful safeguards for contracting parties on a construction project, providing security for payment and completion. The presentation also covered the nuances of contractual warranty provisions and the warranty regime mandated in BC.