New Contract Conditions Insurance Requirements – Design Liability
As a broker, It is important that we monitor and report to our clients on important changes in their industry that may affect them or leave them exposed.
The 2005 JCT Contract Conditions that apply to both standard and Design and Build contracts now seem to be the market norm for building contracts and we have noticed some fundamental changes that may affect you and your insurance provisions.
For example, the new 2005 JCT Design and Build contracts (as they stand) require you, as Main Contractor, to maintain insurance for your design liability. Even if you are not directly involved in the design aspect of the contract or even you use a design professional – it is you that are contractually liable to hold the insurance required.
If you would like further information, please give us a call.