Coalition Agrees on a Solution that Addresses Certificates of Insurance Form Change

ConsensusDOCS^® has just published contract guidance addressing a new critical insurance issue that impacts construction contracts. ACORD, the licensing company for insurance forms, has amended their certificate of insurance form requirements. Construction contracts typically require at least 30-days advanced notice of insurance cancelation. The change in the certificate of insurance form no longer purports to give 30-days advanced notice of insurance policy cancelation and altering the form may run afoul of state law. Consequently, a contractual notice requirement may not be commercially available and place contractors and subcontractors in violation of their contracts on a national basis. Model contractual guidance language is now available for free in the ConsensusDOCS Guidebook at www.consensusdocs.org/guidebook. ConsensusDOCS is also offering a webinar on Oct. 4^th, 2011 at 2pm ET which will address this issue and proposed solution in detail.