Minimizing construction risk requires you to do everything in your power to reduce exposure to an unfavorable outcome. It sounds simple when defined, but in reality, there are several levels that contribute to minimizing risk.
As you already know the ability of contractors, subcontractors, and customers to manage risks contributes largely to the success of a project. To minimize construction risk, you can manage a foreseen risk to the point where its probability is greatly reduced by allocating it to the party that is best equipped to bear it.
Construction contracts are a very important tool for minimizing risk. They should be carefully prepared and reviewed; ideally, they must contain allocation of risk responsibility.
Register for our on-demand webinar with the American Subcontractors Association of Georgia and American Global where will discuss how to minimize risk as a contractor. The agenda for this presentation is as follows:
Contractual Risk Transfer – The Opportunity Costs and Benefits
Managing Both Upstream and Downstream Total Cost of Risk
Since graduating from Clemson University in 1975, Pat has focused on helping architects, engineers, developers, and construction companies select and implement estimating project/equipment/service management and financial accounting solutions.
Greg West is a Senior Vice President at American Global, based out of the Georgia office. Greg supports clients on all lines of business with respect to their construction projects and program risk plan designs, which gives him a unique perspective in areas of enterprise risk management and total cost of risk. In addition to supporting the operations of the Georgia office and driving strategy, Greg serves as an account manager and resource for national subcontractor default insurance (SDI) clients. With 20+ years of industry experience, Greg spent 14 years honing his career as a P&C and A&H insurance professional at Zurich Insurance Group, providing insurance solutions, driving production and building relationships with customers. Greg’s construction risk management career started in 2007, underwriting and marketing Zurich’s proprietary Subguard® product. As the market lead in the Southeast region, Greg provided subcontractor risk solutions to general contractors throughout the broader country. Following that role, Greg helped manage the Construction underwriting operation for the Southern United States, while also serving in several leadership roles within the Construction and Commercial insurance units at Zurich. Greg’s experience and tenure within Zurich’s market-leading Construction unit enables a results-oriented and client-focused approach to American Global customers.