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Don’t underestimate the importance of good insurance advice

3/19/2015 | Construction Blog, Real Estate Blog

Run-down and unsafe properties have been the focus of our recent discussions. Several buildings have collapsed across the metro area, posing a real danger to the residents of Philadelphia. Although no people were hurt in these collapses, they could have been. The truth is that accidents happen in new buildings, especially at construction sites.

Surety and insurance contracts are crucial for parties to a construction project to protect their interests and manage the risks involved. When problems occur related to accidents, defects or contract disputes, it can cause millions of dollars in damage. It is not enough to have an insurance plan, but to have the right plan and carefully drafted contract terms.

Unfortunately, many parties do not appreciate this need until a loss has already occurred.

Damages can occur from the problem itself. Natural disasters can stall a project and add to the overall cost when parts of a structure need to be rebuilt. Personal injury claims arise after accidents. Parties may also incur significant costs associated with litigating whether the policy actually covers the damage.

Parties involved in construction projects need to know that they have options and significant leverage when it comes to choosing coverage and customizing policy terms. The prudent choice is to consult an attorney who understands the legal and practical aspects of construction and insurance matters. Advice now can save you millions down the road.

Visit our surety and insurance page to learn more about your legal options as a participant in the construction industry.