Between Insurance and Surety Minimizing Risks and Maximizing - - PowerPoint PPT Presentation

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Between Insurance and Surety Minimizing Risks and Maximizing - - PowerPoint PPT Presentation

Jan 12, 2024 484 likes •1.48k views

Presenting a live 90-minute webinar with interactive Q&A Performance Bonds and CGL Insurance in Construction Projects: Navigating Interplay Between Insurance and Surety Minimizing Risks and Maximizing Recovery for Defective Workmanship and

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The audio portion of the conference may be accessed via the telephone or by using your computer's

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have any questions, please contact Customer Service at 1-800-926-7926 ext. 10.

Presenting a live 90-minute webinar with interactive Q&A

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

Today’s faculty features:

1pm Eastern | 12pm Central | 11am Mountain | 10am Pacific WEDNESDAY, SEPTEMBER 21, 2016

Marc A. Sanchez, Partner, Frantz Ward, Cleveland Patrick R. Kingsley, Chair , Construction, Stradley Ronon Stevens & Young, Philadelphia

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COMMERCIAL GENERAL LIABILITY POLICIES

SEPTEMBER 21, 2016

Strafford Publications, Inc. Presented by: Marc A. Sanchez, Frantz Ward LLP

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RISK TRANSFER

  • Liability Insurance
  • Commercial General Liability Policy
  • Umbrella Policy
  • Excess Policy
  • Builder’s Risk
  • Performance Bond/SDI
  • Contractor’s Professional Liability/E&O
  • Contractual Indemnity

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COMMERCIAL GENERAL LIABILITY

  • First line of defense against claims of others
  • Insurance Services Office, Inc. (ISO)
  • Excess vs. umbrella
  • Bodily injury and property damage
  • Occurrence vs. aggregate limits
  • Deductibles vs. SIR’s
  • Defense vs. indemnity

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TYPICAL CONTRACTOR INSURANCE REQUIREMENTS

  • CGL - $2 MM
  • Business Auto - $1 MM
  • Umbrella or excess - $5 MM
  • Workers’ compensation
  • Send schedule of insurance requirements to agent – note if

flow-down provision

  • Some specified forms may not be available

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DUTY TO DEFEND

  • Duty to Defend requires a “civil proceeding”
  • Claim arguably or potentially within policy coverage
  • Resultant or consequential damage usually enough
  • Obligation to pay defense costs brings insurer to the table

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DUTY TO DEFEND

  • Only a “claim” is required
  • Not based on potential; claim must actually fall within

policy coverage

  • Usually settlement or verdict; withholding draw money

probably enough

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CONTRACTOR’S PROFESSIONAL LIABILITY COVERAGE

  • Annual or project basis
  • Covers design liability of contractor
  • Why needed if subcontracted design work and have hold

harmless, waiver of subrogation and insurance requirements?

  • Design subcontractor carries low limits
  • Design firm out of business/claims-made policies
  • Policy language limitations in the A/E coverage
  • Value engineering, shop drawings, CM services

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COVERAGE

  • “Bodily injury” or “property damage”
  • Caused by “occurrence”
  • During the policy period
  • Then look to policy exclusions

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BUSINESS RISK EXCLUSIONS

  • Damage to property – “that particular part”
  • Damage to your work – subcontractor exception to the

exclusion

  • Damage to impaired property or property not physically

injured

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INSURED CONTRACT COVERAGE

  • Indemnity agreement in contract
  • Assumption of liability in a contract or agreement
  • Insured would have liability in absence of contract, e.g.

“property damage” and “occurrence” within policy period

  • CGL will cover indemnitor’s obligation; especially important

if bankrupt

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CONTACT

Marc A. Sanchez (216) 515-1638 msanchez@frantzward.com Location: 200 Public Square, Suite 3000 Cleveland, OH 44114

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Performance Bonds

Patrick Kingsley, Esquire Stradley Ronon Stevens & Young, LLP 2600 One Commerce Square Philadelphia, PA 19103 pkingsley@stradley.com 215-564-8029

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Stradley Ronon Stevens & Young, LLP

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Discussion Outline

  • Nature of the Suretyship Relationship
  • Performance Bond Coverage
  • Surety’s Defenses
  • Surety’s Remedies
  • Suretyship v. Insurance
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The Nature of Suretyship

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A surety agrees to answer for the debt of another.

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Why do construction projects

  • ften include sureties?
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Suretyship Involves a Tri-party Relationship

Owner = Obligee General Contractor = Principal Bonding Company = Surety

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Suretyship Involves a Tri-party Relationship

General Contractor = Obligee Subcontractor = Principal Bonding Company = Surety

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The surety is the secondary obligor and stands behind the debts and obligations of the principal.

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The surety is the secondary obligor and stands behind the debts and obligations of the principal. The surety is typically liable only if the principal defaults.

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Surety is a credit accommodation.

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Surety is a credit accommodation. If a principal cannot secure surety credit, it may have to obtain a bank line of credit or deposit cash collateral.

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The principal owes a duty to the surety to perform and, failing that, to indemnify the surety for any losses it incurs due to the principal’s default.

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How Does a Performance Bond Work?

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What is a Performance Bond?

A guarantee from a financial institution that if a principal defaults, his obligation will be fulfilled up to the penal sum of the bond.

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Performance Bond Coverage

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Performance Bond Coverage

  • Completion
  • Defective Work
  • Delay Damages
  • Penal Sum Limitation
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Project Completion

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Project Completion

  • Financing the Defaulted Principal
  • Engaging a Completion Contractor
  • Tendering a Completion Contractor
  • Paying the Obligee
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Defective Work

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Defective Work

  • Pre-default Defects
  • Warranty Work
  • Latent Defects
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Delay Claims

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Delay Damages

  • Lost Profits
  • Lost Use
  • Financing Charges
  • Inefficiency Costs
  • Liquidated Damages
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Penal Sum Limitation

Paying v. Performing v. Declining

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Surety’s Defenses

  • Principal’s Defenses
  • Impairment of Collateral
  • Improper Notice
  • Cardinal Changes
  • Statute of Limitations
  • Standing
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Principal’s Defenses

A surety’s liability is usually no greater than that of its principal. Usually all defenses available to the principal may be asserted by the surety.

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Impairment of Collateral

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Impairment of Collateral

The surety is discharged to the extent

  • f the impaired collateral.
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Notice of Termination (a/k/a Notice to Cure)

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Common Cure Provision

Contractor’s services will not be terminated if Contractor begins within seven days of receipt of notice of intent to terminate to correct its failure to perform and proceeds diligently to cure such failure within no more than 30 days of receipt of said notice.

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Common Bond Notice Provision

AIA 312 Requirements: – owner must notify both contractor and surety that it is “considering declaring” a contractor default. – attempt to arrange a conference with contractor and surety within 15 days of notice in step 1. – wait 20 days after step 1. – declare a contractor default and formally terminate contractor’s right to complete the contract. – owner has agreed to pay contract balance.

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Improper Notice

Failure to follow notice and cure provisions

  • f the bond and/or the underlying

construction contract potentially voids the bond coverage.

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Cardinal Changes

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Cardinal Changes

  • A cardinal change without the consent of

the surety may discharge the bond

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Statute of Limitations

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Statute of Limitations

  • Often shorter than the general breach of

contract period.

  • Can usually be modified by agreement
  • Usually tolled by the “discovery rule” in

the case of latent defects.

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Standing

Typically only the obligee has a claim under the performance bond.

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Surety’s Remedies

  • Collateral Funds
  • Subrogation
  • Common Law Indemnity
  • Contractual Indemnity
  • Right to Settle Claims of Principal and

Against Principal

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Suretyship v. Insurance

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Suretyship v. Insurance

Insurance is a bilateral contract between an insurer and an insured by which the insurer agrees to assume a certain risk and pay the insured a sum of money upon the occurrence of the specified loss.

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Suretyship v. Insurance

Insurance is a bilateral contract between an insurer and an insured by which the insurer agrees to assume a certain risk and pay the insured a sum of money upon the occurrence of the specified loss. Suretyship, on the other hand, is a tripartite relationship between an obligee, a principal and a surety, whereby the surety agrees to answer for the default of the principal.

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Insurance – It’s a risk-based relationship.

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Surety – It’s a credit-based relationship

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What Triggers Coverage?

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Insurance Triggered by Loss

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Performance Bond Triggered by Default

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Suretyship v. Insurance

The nature of suretyship presupposes that the surety will sustain no loss. If there is a claim on its bond, the surety has a common law right (and usually a contractual right) to be indemnified for its loss by its principal. Hence, suretyship is a credit accommodation.

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Suretyship v. Insurance

The nature of suretyship presupposes that the surety will sustain no loss. If there is a claim on its bond, the surety has a common law right (and usually a contractual right) to be indemnified for its loss by its principal. Hence, suretyship is a credit accommodation. By contrast, an insurer has no such right. An insurer expressly assumes the risk of losses, and an insured has no obligation to indemnify its insurer for losses paid out under a policy of insurance.

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Insurance Premiums

Insurance Premiums Are Calculated to Create a Pool of Reserves to Cover Expected Losses of Numerous Insureds.

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Bond Premiums

Unlike an insurer, a surety does not agree to bear and assume the risks of its principal.

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Bond Premiums

Unlike an insurer, a surety does not agree to bear and assume the risks of its principal. It does not underwrite its principal based on an actuarial determination of the risk of loss from an unknown or contingent occurrence.

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Bond Premiums

Unlike an insurer, a surety does not agree to bear and assume the risks of its principal. It does not underwrite its principal based on an actuarial determination of the risk of loss from an unknown or contingent occurrence. Instead, a surety issues bonds after consideration of the principal’s past performance, the principal’s ability to perform the bonded obligation, and the financial integrity and ability of the principal and the indemnitors to indemnify and hold harmless the surety against any potential losses.

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Bond Premiums

Unlike an insurer, a surety does not agree to bear and assume the risks of its principal. It does not underwrite its principal based on an actuarial determination of the risk of loss from an unknown or contingent occurrence. Instead, a surety issues bonds after consideration of the principal’s past performance, the principal’s ability to perform the bonded obligation, and the financial integrity and ability of the principal and the indemnitors to indemnify and hold harmless the surety against any potential losses. Because suretyship is primarily a credit accommodation and is not insurance, bond premiums are usually regarded as extremely low.

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QUESTIONS?

Patrick Kingsley, Esquire

Stradley Ronon Stevens & Young, LLP 2600 One Commerce Square Philadelphia, PA 19103

pkingsley@stradley.com (215) 564-8029

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BODILY INJURY AND ANTI-INDEMNITY LAWS

SEPTEMBER 21, 2016

Strafford Publications, Inc. Presented by: Marc A. Sanchez, Frantz Ward LLP

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THIRD-PARTY OVER ACTION – SUBCONTRACTOR’S EMPLOYEE

STEP 1 – Injury and Workers’ Compensation Payment

Subcontractor’s Injured Employee Subcontractor

BWC$

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THIRD-PARTY OVER ACTION – SUBCONTRACTOR’S EMPLOYEE

STEP 2 – Lawsuit by Injured Worker

OWNER CONTRACTOR SUBCONTRACTOR SUBCONTRACTOR’S INJURED EMPLOYEE

Negligence

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THIRD-PARTY OVER ACTION – SUBCONTRACTOR’S EMPLOYEE

STEP 3 – Owner and Contractor Tender Claims Downstream

OWNER CONTRACTOR SUBCONTRACTOR SUBCONTRACTOR’S INJURED EMPLOYEE

Contractual Indemnity Contractual Indemnity

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THIRD-PARTY OVER ACTION – SUBCONTRACTOR’S EMPLOYEE

STEP 4 – Owner and Contractor Tender Claims to CGL Carriers OWNER CONTRACTOR SUBCONTRACTOR SUBCONTRACTOR’S INJURED EMPLOYEE CONTRACTOR’S CGL SUBCONTRACTOR’S CGL OWNER’S CGL A.I. A.I .

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THIRD-PARTY OVER ACTION – SUBCONTRACTOR’S EMPLOYEE

STEP 5 – Workers’ Compensation Subrogation OWNER CONTRACTOR SUBCONTRACTOR WORKER’S COMPENSATION SUBROGATION CONTRACTOR’S CGL SUBCONTRACTOR’S CGL OWNER’S CGL A.I. A.I . A.I.

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CONTRACTUAL INDEMNITY

  • Indemnity
  • 1. A duty to make good any loss, damage, or liability

incurred by another

  • 2. The right of any injured party to claim

reimbursement for its loss, damage, or liability from a person who has such a duty

  • Also called Hold Harmless
  • Used in conjunction with additional insured provisions –

“Belt and Suspenders”

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TYPES OF INDEMNITY

  • Broad form – Sub responsible for own negligence and

negligence of general contractor, too. Barred in Ohio. Transfer all risk regardless of fault, including sole negligence.

  • Intermediate – Sub responsible for all, unless solely caused

by general contractor. Can be barred in Ohio. Transfer all risk of loss, except if sole negligence.

  • Limited – Sub responsible only for its own negligence.

Lower tier only obligated to reimburse upper tier for its share of fault.

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ADDITIONAL INSURED PROVISIONS

  • To fund or reinforce contractual indemnity obligation
  • To prohibit subrogation by the named insured’s insurer

against the additional insured for the additional insured’s

  • wn fault or negligence
  • To directly pay defense costs of the additional insured
  • To reduce impact on the loss history for the additional

insured

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ADDITIONAL INSURED PROVISIONS

  • ISO forms evolved over time
  • 20 10 11 85 – Broadest
  • CG 20 10 04 13 – Newest
  • Covers additional insured to extent permitted by law

(scope). Coverage no more than that which lower- tier contractually required to provide (limits). On- going operations only. Caused in whole or in part by the named insured.

  • CG 20 37 04 13 – for “products-completed operations

hazard”

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ANTI-INDEMNITY STATUTES AND ADDITIONAL INSURED COVERAGE

  • 45 states have anti-indemnity statutes that limit or prohibit

enforcing indemnity agreements in the construction setting

  • States where the statute prohibits AI coverage:
  • AZ (public works), CO, GA, KS, MT, NE, NM, OK, and

TX

  • States where the statute may prohibit coverage:
  • OR and OH
  • The rest apply only to contractual indemnity

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INSURANCE VS. INDEMNITY

  • Contractual indemnification – anti-indemnity statutes
  • Strict construction. Unequal bargaining power.

Subcontractor’s inability to bear unlimited risk.

  • Additional insured – Direct rights under the policy. Possible

coverage for sole negligence. No anti-indemnity statute (most states) and no strict construction.

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CONTACT

Marc A. Sanchez (216) 515-1638 msanchez@frantzward.com Location: 200 Public Square, Suite 3000 Cleveland, OH 44114

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An Example

Patrick Kingsley, Esquire Stradley Ronon Stevens & Young, LLP 2600 One Commerce Square Philadelphia, PA 19103 pkingsley@stradley.com 215-564-8029

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Roof Example

  • Roofer is hired to install a new roof on a

building

  • The roofer installs the roof poorly, and the

roof leaks

  • This causes problems
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The Coverage

Which is implicated: the insurance policy or the bond?

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Roof Problems

  • The wooden rafters get soggy and must

be replaced

  • Water leaks inside the house damaging

clothing and furniture

  • Water damages the walls, newly

constructed as part of the project

  • Shingles fall from the roof, injuring a

passer-by

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Does it matter is the roofer is working for the owner or is a subcontractor to the GC?

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Questions?

Patrick Kingsley, Esquire Stradley Ronon Stevens & Young, LLP 2600 One Commerce Square Philadelphia, PA 19103 pkingsley@stradley.com (215) 564-8029

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BEST PRACTICES IN RISK MANAGEMENT

SEPTEMBER 21, 2016

Strafford Publications, Inc. Presented by: Marc A. Sanchez, Frantz Ward LLP

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RISK ANALYSIS

  • Identifying risk
  • Assessing risk
  • Avoiding the risk
  • Transferring the risk
  • Mitigating the risk

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OWNER PERSPECTIVE

  • Project delays
  • Contractor insolvency
  • Financing
  • Differing site conditions
  • Defective design and/or construction
  • Environmental and regulatory concerns

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CONTRACTOR PERSPECTIVE

  • Non-payment for disputed extra work
  • Delays or changed work
  • Jobsite injuries
  • Subcontractor claims for delays or extra work
  • Subcontractor insolvency
  • Subcontractor’s failure to timely and properly perform its

work

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SUBCONTRACTOR PERSPECTIVE

  • Subcontractor or lower-tier:
  • Nonpayment
  • Uncompensated changes
  • Project impacts outside of their control

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ASSESSING AND AVOIDING RISK

  • Analyze probability and possible impact
  • Upfront spending on professionals
  • Project delivery methods – cost/benefit
  • Due diligence on contracting partners
  • Walk away
  • Change contracting partner
  • Change ownership structure

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TRANSFERRING THE RISK

  • Typically through contract language and insurance
  • Contract provisions for change orders, contract time,

indemnity, and dispute resolution

  • What insurance is cost-effective
  • Builder’s risk, CGL, additional insured protection,

contractor’s perspective, bonding, or subguard

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PERFORMANCE BONDS VS. SDI

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MITIGATING THE RISK

  • Ownership entity
  • Project delivery system
  • Insurance and bonding program
  • Contracts
  • Project management
  • Project safety

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UNAVOIDABLE RISK

  • Tenant bankruptcies
  • Uninsurable losses
  • Frivolous lawsuits

Simply cannot be transferred or avoided

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CONTACT

Marc A. Sanchez (216) 515-1638 msanchez@frantzward.com Location: 200 Public Square, Suite 3000 Cleveland, OH 44114

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