The article below discusses the Economic Loss Rule. It provides a helpful reminder of the importance of synergy between your construction agreements and your insurance program. This previous statement is applicable for all parties of a construction contract all the way down to a tenant/end user. More and more the insurance policies (insurance contracts) are pointing to construction agreements and contracts in order for coverage to be triggered. While insurance isn’t the answer for everything by a long shot, making sure you have your contracts & insurance program properly structured will help reduce the unknown should you experience a loss.
Source: Industry News
