As contractors, owners/developers and subcontractors evaluate delays to construction projects related to Coronavirus (“COVID-19”) shutdowns, it is important to take some simple but critical steps to adequately document, analyze and project such delays and incremental costs for either internal and external purposes.
- Documenting Project Shutdowns / Delays - The checklist below contains helpful tips for distribution to project teams if they are forced to stop work on a project and want to preserve the “baseline” or status of a project at the time of the shutdown. Following these steps should allow for a more precise delay / business interruption calculation to be made for the overall period of potential delay as result of Coronavirus.
- Project Delay Cost Estimate Worksheet – The worksheet below has been developed to allow each project time to provide an estimate of a potential delay based on the current cost structure of the project. You’ll see that there are varying levels of detail that the project team can provide in order to give as accurate an assessment as possible. The length of delay will be the drive behind the calculation and can easily be updated (e.g. from 30 days to 60 days).
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This is not meant to be an exhaustive list. For a more detailed analysis, please contact Procor Solutions + Consulting at (800) 871-5832
Please be advised that any and all information, comments, analysis, and/or recommendations set forth above relative to the possible impact of COVID-19 on potential insurance coverage or other policy implications are intended solely for informational purposes and should not be relied upon as legal advice. As an insurance broker, we have no authority to make coverage decisions as that ability rests solely with the issuing carrier. Therefore, all claims should be submitted to the carrier for evaluation. The positions expressed herein are opinions only and are not to be construed as any form of guarantee or warrantee. Finally, given the extremely dynamic and rapidly evolving COVID-19 situation, comments above do not take into account any applicable pending or future legislation introduced with the intent to override, alter or amend current policy language.