Mastering Risk and Insurance in Canadian Construction Contracts

Summary:
The article by Lasting Oak Co. delves into the critical aspects of risk allocation and insurance coverage in Canadian construction contracts. It highlights the inherent complexities of the construction industry, involving multiple stakeholders and potential risks. The article examines common risk allocation strategies, the relationships between various parties (owners, contractors, subcontractors, architects, insurers), and the role of legal frameworks and court decisions in shaping these practices. Key considerations for risk allocation in subcontracting, the impact of insurance policies on risk allocation, and potential challenges and disputes in construction contracts are also discussed. Additionally, the article touches upon emerging trends and future considerations in the sector, like Integrated Project Delivery, Building Information Modeling, and adaptation to climate change.

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