As 2024 approaches, developers, builders, and designers are urged to reassess their insurance strategies, as coverage mistakes can lead to severe denials during claims. Key pitfalls include relying on standard insurance forms, informal broker assurances, and neglecting to scrutinize policy endorsements. Best practices for effective risk management involve securing proof of insurance via actual policy copies, enforcing downstream insurance requirements for subcontractors, tracking insurance coverage throughout and after project completion, adhering to timely claims reporting, and carefully considering additional insured endorsements. By regularly reviewing and analyzing insurance coverage, all parties can better navigate the complexities of construction projects and mitigate unforeseen risks.
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