Abuse and Molestation Coverage Limitations You Must Know
Currently, there are just a few insurance companies that offer SAM insurance in the U.S. Oftentimes, the coverage can be expensive and only provide smaller limits, such as up to $1M each occurrence / $1M annual aggregate. Due to the large number of SAM claims, your readiness to pay for SAM insurance is not enough. You must also qualify by having tools and controls in place (e.g., no one-on-one policy, no closed-door policy, background checks, a written and formal SAM incident reporting and investigation policy, and more). What you may not know is that some insurance companies also require that… Read More »Abuse and Molestation Coverage Limitations You Must Know
In early 2017, the American Institute of Architects (“AIA”) introduced its 2017 updates to its form construction contract documents, including a new exhibit that addresses insurance requirements between the owner and contractor. As AIA forms are among the most popular and commonly used form documents in the construction industry,1 the forms are usually considered construction industry standards. Any company involved in construction as a project owner, architect, contractor or subcontractor should familiarize itself with the new AIA insurance terms and carefully consider the insurance coverage for any project it will undertake.2