McGuireWoods Presents Insurance Recovery webinar Series for Construction Industry

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In-house counsel in teh construction industry can gain valuable insights into insurance recovery through a new three-part webinar series presented by McGuireWoods. The series aims to reframe perspectives on insurance, highlighting its potential as a financial asset and risk management tool. The initial webinar is scheduled from 12 p.m. to 1 p.m.Eastern time (ET), offering practical knowledge to understand insurance coverage and maximize recovery.

The first webinar features McGuireWoods partners Michael Dingman,Christopher Thatch,Mikaela whitman,and Michael Gehrt. These experts will share techniques and practical tips designed to ensure insurers in the construction industry fulfill their claim obligations. The session will also address best practices for interacting with brokers and navigating common challenges such as notice provisions, statutes of limitations, and consent and cooperation conditions.

Understanding the nuances of insurance policies and claims processes is crucial for construction companies. This webinar series provides a platform for in-house counsel to enhance their knowledge and strategies in this complex area. Participants can expect to learn how to effectively manage risk and leverage insurance as a valuable financial tool.

The McGuireWoods team emphasizes the importance of proactive measures in insurance recovery. By understanding the intricacies of coverage and claims, construction companies can better protect their interests and ensure they receive the compensation they are entitled to.

Details for accessing the webinar will be provided upon registration. McGuireWoods attorneys and current clients will be able to apply for Continuing Legal Education (CLE) credits. All program attendees will receive a certificate of attendance.

For additional facts, individuals can contact Olivia Seay at [email protected].

Upcoming Webinars in 2025

McGuireWoods has scheduled two additional webinars in 2025 to further explore key aspects of insurance recovery in the construction industry. registration details for each session will be provided closer to the event dates.

Best Practices in Claims Process

Date: Monday, April 28, 2025, 12 p.m.(ET)

This webinar will focus on best practices following a loss and the submission of an insurance claim. topics will include handling reservations of rights letters, subcontractor claims, denials of coverage, and insurer requests for information. The panelists will share real-life examples of coverage disputes in the construction industry and discuss accomplished strategies for achieving favorable outcomes.

Speakers: McGuireWoods partners Michael Dingman, Christopher Thatch, and Mikaela Whitman.

Industry-Specific Coverage: Construction and Engineering

Date: Thursday,May 22,2025,12 p.m.(ET)

This webinar will delve into critical insurance issues specific to the construction and engineering sectors. Topics will include additional insureds, indemnity clauses, liquidated damages, certificates of insurance, and the products-completed operations hazard. The panelists will discuss essential coverages for the construction industry,common exclusions to be aware of,and strategies for overcoming coverage pitfalls to maximize insurance recovery.

Speakers: McGuireWoods partners Michael Dingman, Christopher Thatch, Mikaela Whitman, and craig Hirsch.

The complete webinar series offered by McGuireWoods provides a valuable prospect for in-house counsel in the construction industry to enhance their understanding of insurance recovery and improve their ability to manage risk effectively.

Video and presentation materials © 2025 McGuireWoods LLP.All rights reserved.

Please note that these programs are intended for the benefit of McGuireWoods clients and contacts, and the firm reserves the right to refuse any registration at its sole discretion.

Unlocking construction’s Hidden Asset: Mastering Insurance Recovery for Maximum Profit

Did you know that construction companies leave millions on the table each year due to insufficient understanding of their insurance policies? This interview dives deep into how construction firms can transform their approach to insurance, turning it from a simple cost into a powerful financial tool.

Interviewer (Senior Editor, world-today-news.com): Welcome,Ms. Anya Sharma, leading expert in construction insurance and risk management.Your work with McGuireWoods on their recent webinar series has highlighted the critical need for construction firms to improve their insurance recovery strategies. Can you elaborate on why this is so crucial in today’s complex business environment?

Ms. Sharma: Absolutely. Many construction companies view insurance as simply a necessary expense, a cost of doing business. Though, a sophisticated approach to insurance recovery can considerably impact a company’s bottom line. Failing to fully understand and leverage available coverage can lead to significant financial losses,delaying projects and hindering growth. It’s about proactively managing risk and maximizing the financial protection already in place. We’re talking about transforming a cost center into a strategic asset.

Interviewer: The McGuireWoods webinar series emphasizes the role of in-house counsel.How can legal professionals within construction firms most effectively contribute to better insurance recovery outcomes?

Ms. Sharma: In-house counsel plays a pivotal role. They need a proactive, extensive understanding of their company’s insurance policies – not just the basics, but the intricacies. This includes awareness of all endorsements, exclusions, and conditions. They should be involved from the pre-construction phase, advising on appropriate coverage levels and policy wording. During a claim, counsel should be actively involved in communication with insurers, ensuring that all necessary documentation is submitted promptly and accurately. They need to be adept at negotiating with insurers and, critically, familiar with relevant statutes of limitations and notice provisions. Essentially, they are the critical link between the company’s needs and available insurance protection.

Interviewer: The webinars cover various crucial topics, including common pitfalls like notice provisions and consent-to-cooperation clauses. Can you expand on these and their practical implications for construction firms?

Ms. Sharma: These are common areas where claims fail. Notice provisions require prompt reporting of incidents to the insurer. Missing deadlines can invalidate the claim,entirely or partially. Similarly, consent-to-cooperation clauses generally require the insured to cooperate fully with the insurer’s examination.This includes providing information, attending depositions, and participating in mediation or arbitration – failure to comply can jeopardise the claim. The construction industry, with multiple subcontractors and complex project timelines, can exacerbate these issues. Thorough record-keeping,and clear communication protocols across the construction team are critical to prevent delays and potential failures here.

Interviewer: The upcoming webinars focus on specific aspects of the claims processes and industry-specific coverages. What are some crucial aspects of these that construction firms should prioritize?

Ms.Sharma: That’s a fantastic question. Within the claims process, early and effective communication is key. Understanding what constitutes a compensable claim, proper documentation of damages and project impacts, and a detailed understanding of the insurance policy are all vital. Regarding industry-specific coverage, understanding the nuances of additional insured endorsements, indemnity clauses, and the products-completed operations hazard are critical. These specific clauses influence how liability is spread among different parties. Neglecting understanding these nuances costs companies critically important sums. Such as, neglecting the “products-completed operations hazard” can leave you vulnerable to liability long after a project is finished if issues arise from your completed work.

Interviewer: could you summarise the key takeaways for construction firms looking to improve insurance recovery strategies?

Ms. Sharma: Here are some key takeaways:

Proactive risk management: This is not just about paying premiums,it’s about planning; having the right insurance and understanding its request is vital.

Comprehensive policy review: Don’t just skim the policy, really understand your coverage.It is a tool for managing risk.

Effective communication: Prompt and effective communication with insurers and all stakeholders is paramount.

Robust documentation: Maintain detailed records throughout the project lifecycle.

* Expert legal counsel: Engaging experienced legal professionals specializing in construction insurance is an investment that pays dividends.

Interviewer: Where can readers learn more about improving their construction insurance recovery strategies?

Ms. Sharma: I highly recommend the McGuireWoods webinar series! While the series focuses on the construction industry, the principles regarding insurance recovery are global and are highly relevant to many other sectors.By understanding these crucial aspects, firms can truly maximize returns on their insurance investments. The firm also has many resources available through its website.

Interviewer: Ms. Sharma, thank you for sharing your expertise. This has been incredibly insightful. We greatly appreciate your contributions to this critical discussion surrounding construction insurance recovery and risk management.

Final Thoughts: Understanding and actively managing your construction insurance policies is no longer a luxury,but a necessity. By implementing the strategies discussed above, construction companies can bolster their financial resilience, protect their interests, and gain a competitive edge. Share your thoughts and experiences in the comments below, and share this article with other construction professionals!