Contractual Risk Management
CIC’s construction scope supports clients with industry navigation. This encompasses challenges of reviewing and crafting insurance specifications and indemnification language for contracts, requests-for-proposals and vendor agreements.
Program Evaluation
An independent, specialized analysis of the construction insurance program is conducted, looking at program type, carrier assessment, coverage specifics and limits based on reported exposures. With CIC, clients receive continuing education specific to construction risk, strategies for mitigation and transfer, as well as updates on market trends.
Project-Specific Work
Project feasibility studies, project safety audits, wrap-up administration, OCIP/CCIP programs or analysis, and expert witness.
Subcontractor Review
CIC assists contractors in setting insurance specifications for subcontractors. Core services include: due diligence insurance reviews of individual subcontractors, compliance logs, and quarterly reporting.
Certificate Monitoring
CIC provides a full suite of options, ranging from straightforward certificate monitoring to expansive policy limitation, form and endorsement reviews. Insurance documentation, coverage and compliance are tracked for accuracies and compliance; team efforts are supported using client-specific software.
Certificate Monitoring Platform
We help simplify the insurance compliance process with customized, cloud-based monitoring platforms that automate communications, centralize compliance and mitigate risk more effectively.
Case Study
Owner seeks to develop $200 million, multi-use building in a metro area. The project is complex because neighboring buildings require access agreements.
Challenge
Owner must navigate a multiphase RFP process for demolition and construction contractors. Contractors are required to carry insurance specific to neighboring building access agreements.
Solution
We worked with the Owner’s legal advisor and neighbors’ insurance brokers to establish insurance requirements to meet access agreements. Throughout each phase of the project, CIC advised on crafting of RFP insurance requirements and indemnification language. RFP respondents were vetted for insurance, including review and negotiation. The awarded contractor’s insurance programs were monitored throughout all phases of the project.
Outcome
Throughout the more than three year construction project, we worked with the Owner, guaranteeing that all insurance complexities were reviewed, negotiated and ultimately acceptable.
