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Construction Risk Management: Ten Issues in Construction Contracts

By James P. Bobotek, Pillsbury Winthrop Shaw Pittman In the world of construction, whether you are a lender, owner, contractor, or subcontractor, your success hinges largely on risk management. While there is no substitute for sound business and construction practices (such as proper preconstruction...

English Justice: Reinsurance Triggers After Exhaustion Of Underlying Insurance

LONDON — An English justice recently found for a pair of reinsurers and held that a reinsurance contract only covers underlying policies after those policies have been exhausted ( Teal Assurance Company Limited v. W R. Berkley Insurance (Europe) Limited , No. 2010 FOLIO 1045, England and Wales...

The Problem of Mutual Benefit Insurance

By Barry Zalma, Attorney and Consultant When a person leases a portion of a structure with multiple tenants it is usual for the landlord to promise to buy property insurance to protect the entire structure and make, as part of the rent charged, the tenant pay a ratable portion of the insurance. When...

Is that Covered? Insurance and Indemnity Clauses

By Michael R. Kelley Many contracts contain clauses requiring parties to carry insurance and to agree to indemnify one party or another in the event of a lawsuit. Such language is typical in lease agreements, distribution contracts, and construction deals, to name a few. But, what does this language...

Insured Not Entitled to Coverage for Third Party Loss Where Indemnity Policy’s Coverage Grants Require “Direct Loss”

In Taylor v. Fed. Ins. Co. , the court held that the insured, an accounting firm that performed business management services, account oversight and tax planning, could not show it was entitled to coverage because the losses of client funds did not qualify as “direct losses.” A client of...