The Association of Cooperative Operations Research and Development (ACORD), the licensing company for insurance forms, has recently amended their certificate of insurance requirements. Consequently, contractors and subcontractors may no longer be able to provide certificates of insurance that are required by their contracts. Our expert panel will provide:
- an understanding of certificates of insurance
- how the certificate of insurance impacts contractors
- recommend standard contractual language
- proactive steps to update your insurance and contractual practices to effectively address this new change
ConsensusDOCS 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
here.
This webinar will be held on Tuesday, Oct. 4th at 2:00PM EDT and is $99 for both AGC Members and Non-Members. To register click here.
For more information, please contact Maggie Jaus at 703-837-5408 or
jausm@agc.org.
