On behalf of Kaplin Stewart Meloff Reiter & Stein, P.C. posted in Insurance on Nov 17, 2015.
Although regular risk assessments and re-evaluations of insurance coverage are generally a good idea, it’s not uncommon for construction companies to take the approach of renewing their existing insurance policy when it comes up for renewal. Some policies – particularly specialty policies – have renewal clauses in them that sophisticated companies should be aware of when renewing their insurance though. A recent decision by the Third Circuit Court of Appeals in Philadelphia sheds some light on this issue.