The updated AIA 2017 project contract documents include a new, comprehensive insurance exhibit that will allow for easier, more frequent updates as conditions in the insurance market change.
The insurance exhibit is intended to be used in conjunction with the A101–2017, A102–2017, and A103–2017 contract documents. One goal of the document’s drafters was to make it easier for users to transmit the insurance exhibit to the user’s insurance advisor or broker for evaluation and completion. AIA says the new insurance exhibit will allow changes to be made without having to revise the General Conditions document.
The insurance exhibit requires either the owner or the contractor to purchase property insurance written on a builder's risk “all-risks” completed value or equivalent policy form. It should be of an amount that can cover the total value of the entire project on a replacement cost basis. If the project is a remodeling of an existing structure or addition to one, the property insurance must also cover the existing structure against physical loss or damage on a replacement cost basis.
The insurance must be maintained through substantial completion and continued or replaced through the contractor’s one-year period for correction of the work. The insurance must include the interests of the owner, contractor, subcontractors, and sub-subcontractors, and the interests of mortgagees as loss payees.
In addition to the required property coverage, the agreement may include optional extended property insurances that the owner will purchase and maintain. This could include
Ordinance or Law Insurance; Expediting Cost Insurance; and Loss of Use, Business Interruption, and Delay in Completion Insurance.
For more information, visit: www.aiacontracts.org.
Related Stories
Codes and Standards | May 9, 2017
Potential shade on Boston Common from proposed high-rise raises public ire
The Mayor is among those who want to change 1990s anti-shadow law.
Codes and Standards | May 9, 2017
Method of estimating amount of CO2 by building occupants may be inaccurate
New research suggests current estimates may be off by as much as 25%.
Codes and Standards | May 8, 2017
National Fenestration Rating Council’s new U-factor standard open for public comment
Member-approved ballot change to NFRC 100 comments to close on May 28.
Codes and Standards | May 4, 2017
Millennials’ views on sustainability could influence the workplace
Nine out of ten say it is important that they work for a company committed to sustainability.
Codes and Standards | May 3, 2017
New York State extends design-build authority
The legislation includes eight additional projects.
Codes and Standards | May 2, 2017
U.S. announces preliminary tariffs on Canadian softwood lumber
The rates range from 3% to 24% per producer.
Codes and Standards | Apr 28, 2017
New York man alleged to have posed as licensed architect faces possible prison time
He is charged with defrauding construction companies, business owners, and local governments.
Codes and Standards | Apr 27, 2017
Extensive list of plug load efficiency utility incentives available for free download
The Dept. of Energy resource is a state-by-state compilation with hundreds of listings.
Codes and Standards | Apr 26, 2017
Chicago commits to 100% renewable power for all city buildings
In doing so, it becomes largest U.S. city to make such a pledge.
Codes and Standards | Apr 25, 2017
Concerns over increased construction costs following Trump executive orders
‘Buy American’ requirement and revised H-1B visa restrictions could raise prices on supplies, labor.
