chapter  14
11 Pages

Insurance and bonds

Construction is hazardous and the risk of injury to individual workers anddamage to property is significant. Comprehensive, single-policy coverage that meets the various insurance requirements of the owners, contractors, subcontractors, architects, engineers, and other parties to a construction project is available for only very large projects-generally those projects in excess of $100,000,000. For typical projects, the insurance industry offers a complex mix of policies that are intended to serve those parties’ various needs to the extent that insurance coverage is available and economically feasible. Only an insurance professional with special expertise in construction insurance can competently analyze your particular needs on a given project, bring together the appropriate policies, and provide the continuing services you need in the course of your business-and do so at a competitive price.