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
| Oct 13, 2011
AGC Urges Repeal of 3% Withholding On Government Contracts
The U.S. House of Representatives is planning a vote in October on a bill to repeal the 3% withholding requirement on all federal and state contracts for goods and services.
| Oct 13, 2011
House Bill Would Block New OSHA Regulations
Proposed riders in a U.S. House of Representatives spending bill would block the Occupational Safety and Health Administration (OSHA) from issuing controversial workplace safety and health regulations.
| Oct 11, 2011
AIA introduces five new documents for use on sustainable projects
These new documents will be available in the first quarter of 2012 as part of the new AIA Contract Documents service and AIA Documents on Demand.
| Oct 7, 2011
GREENBUILD 2011: UL Environment releases industry-wide sustainability requirements for doors
ASSA ABLOY Trio-E door is the first to be certified to these sustainability requirements.
| Oct 6, 2011
Taking tenant behavior into account on building energy codes
Over the past few years, Seattle, San Francisco, Austin, and Washington, D.C., have passed laws requiring property owners to measure and disclose their energy use, which would help place a market value on a building’s efficiency and provide a benchmark for improvements.
| Oct 6, 2011
Constructed properly, green roofs hold up well in a hurricane
The heavy rains and high winds of Hurricane Irene didn’t cause any problems for a Con Edison green roof in New York City. The roof contains sedum, a plant that adapts well to drought and handles periods of heavy rain well.
| Oct 6, 2011
RoofPoint: A new green standard for roofs
Structured much like other rating systems, RoofPoint, establishes green standards specifically for roofs.
| Oct 6, 2011
Roofers critical of new OSHA harness rules
Roofers say a new OSHA rule requiring all residential roofers to wear a safety harness makes workers less safe, and is causing lost business for those who comply with the rule.
| Oct 6, 2011
Florida county proposes saving on construction costs by trumping city regulations
This summer, Pinellas County, FL wanted to save money on an $81 million public safety complex in Largo by using the county’s own building regulations and permit fees, not the city’s more expensive fees.
| Sep 30, 2011
OSHA Releases New Nail Gun Safety Document
The Occupational Safety and Health Administration and the National Institute for Occupational Safety and Health have developed a new guidance document, Nail Gun Safety—A Guide for Construction Contractors.