The American Institute of Architects (“AIA”) released the latest revisions to its form construction contract documents at the AIA’s National Conference on April 27-29, 2017. The 2017 forms include updates to the principal owner-architect agreements, owner-contractor agreements and the general conditions documents. Notably, the AIA included a specific exhibit for insurance and bonds. The AIA’s decision to include a standalone insurance form underscores the increased reliance on insurance as a primary method of risk transfer in the construction industry.
This is a significant development in the evolution of the AIA Form documents. By walking the parties through the various insurance options, it will hopefully lead to greater collaboration and understanding of the intended risk transfer for a given project, and allow parties to make informed decisions about the insurance applicable to a project’s construction risks.
Click here to learn more about the latest revisions to AIA’s form construction contract documents.