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Webcast

Issues in Construction Bonds


Total Credits: 3 including 3 CE Credit

Average Rating:
   78
Category:
Commercial Lines |  Commercial Lines - Specialty Policies
Faculty:
Richard Pitts
Duration:
3 hrs
License:
Access for 30 day(s) after program date.

Dates



Description

 

This seminar is a wide-ranging examination of insurance related issues connected to bonding in the construction industry.  The approach of the seminar is to educate insurance professionals first and foremost about the various legal relationships in the typical commercial construction contract.  This includes a discussion of the design - bid - build methodology and also the construction management methodology for commercial construction contracts.  A brief review of the design - build method of construction is also included. 

The next section of the seminar is a brief review of the American Institute of Architects’ contract forms, as well as those promulgated by the Associated General Contractors. 

The seminar then turns to the core topic by looking at bonding basics.  The conceptual distinction between a bond and insurance is explained and the major terminology is also reviewed.

From there, the seminar turns first to bid bonds.  The major industry form is addressed, as is the statutory background against which most bid bonds operate.  Producers are educated on how to move swiftly in the event there is a difficulty at this preliminary stage of the construction project.

The next hour is devoted to the specifics of the performance and payment bond, including a review of the form language, who is eligible to make a claim and how the bond functions in the real world.

A substantial portion of the third hour is devoted to defaults: what happens when a contractor or the project gets into financial difficulty?  Much of the emphasis here is on how producers can readily assist troubled contractors and the companies who bonded them, with a view toward avoiding potential errors and omissions liability.  Consistent with this, a separate section is devoted to the general agreement of indemnity, due to difficulties it can cause in insured-producer relations.

The seminar concludes with a brief look at hot topics in bonding.  This section includes public-private partnerships.  It also touches briefly on the distinction between fidelity bonds and construction bonds by using ERISA bonding as an example of the scope of coverage.

 

Course Materials

Faculty

Richard Pitts's Profile

Richard Pitts Related seminars and products

Vice President and General Counsel

Arlington Roe


Richard S. Pitts is a private practice attorney in the insurance industry.  Rick serves as Vice-President and General Counsel to Arlington/Roe & Co., Inc., an insurance brokerage and managing general agent headquartered in Indianapolis.  Rick also serves as general counsel to the Independent Insurance Agents of Indiana, Inc., as well as its sister organization in Kentucky.  Rick speaks annually at the “Roadshows” in Kentucky and Indiana’s Agency Compliance Seminars and presents various seminars on insurance and employment related matters.  Pitts has also presented continuing education seminars to insurance professionals nationally through industry groups including the National Alliance for Insurance Education and Research.

 

Rick is a 1983 graduate of Wabash College and a 1986 graduate of Indiana University School of Law – Indianapolis.  Pitts clerked for the Honorable Patrick D. Sullivan, a judge of the Indiana Court of Appeals in 1986-87.  Rick is admitted to practice before Indiana state and federal courts, the United States Supreme Court and the United States Court of Appeals for the Seventh Circuit and is a member of local, state and national bar associations.  Pitts has tried multiple cases and participated in over seventy appeals.

 

Pitts is the recipient of the “Excellence in Continuing Legal Education Award” from the Indiana Continuing Legal Education Forum (ICLEF), having served as a panelist and lecturer on a variety of continuing education subjects.  Pitts has co-authored two articles appearing in the Indiana Law Review.       

 

rpitts@arlingtonroe.com


Dates

Wed, Oct 05, 2022 - 08:00am to 10:49am CDT
Fri, Oct 21, 2022 - 12:00pm to 02:49pm CDT
Thu, Nov 03, 2022 - 08:00am to 10:49am CDT
Fri, Nov 18, 2022 - 12:00pm to 02:49pm CST
Mon, Dec 05, 2022 - 08:00am to 10:49am CST
Fri, Dec 23, 2022 - 12:00pm to 02:49pm CST
Mon, Jan 09, 2023 - 02:00pm to 04:49pm CST
Tue, Jan 24, 2023 - 08:00am to 10:49am CST
Tue, Feb 07, 2023 - 10:00am to 12:49pm CST
Thu, Feb 23, 2023 - 12:00pm to 02:49pm CST
Fri, Mar 10, 2023 - 02:00pm to 04:49pm CST
Wed, Mar 22, 2023 - 08:00am to 10:49am CDT
Tue, Apr 11, 2023 - 10:00am to 12:49pm CDT
Wed, Apr 26, 2023 - 12:00pm to 02:49pm CDT
Thu, May 04, 2023 - 02:00pm to 04:49pm CDT
Fri, May 19, 2023 - 08:00am to 10:49am CDT
Tue, Jun 06, 2023 - 10:00am to 12:49pm CDT
Fri, Jun 30, 2023 - 12:00pm to 02:49pm CDT
Thu, Jul 06, 2023 - 02:00pm to 04:49pm CDT
Wed, Jul 26, 2023 - 08:00am to 10:49am CDT
Tue, Aug 01, 2023 - 10:00am to 12:49pm CDT
Thu, Aug 24, 2023 - 12:00pm to 02:49pm CDT
Mon, Sep 11, 2023 - 02:00pm to 04:49pm CDT
Fri, Sep 22, 2023 - 08:00am to 10:49am CDT
Tue, Oct 03, 2023 - 10:00am to 12:49pm CDT
Fri, Oct 27, 2023 - 12:00pm to 02:49pm CDT
Wed, Nov 01, 2023 - 02:00pm to 04:49pm CDT
Mon, Nov 27, 2023 - 08:00am to 10:49am CST
Mon, Dec 04, 2023 - 10:00am to 12:49pm CST
Tue, Dec 19, 2023 - 12:00pm to 02:49pm CST

Promo Video

Reviews

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Overall:      4.7

Total Reviews: 78

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