HB2422 establishes an Owner-Controlled Insurance Program in Illinois for public construction projects.
HB2422 amends the Illinois Insurance Code to authorize the Department of Insurance to contract with a private insurance broker for an Owner-Controlled Insurance Program. This program provides specified forms of insurance to construction contractors, including general and excess liability, professional liability, builders' risk, contractors' pollution liability, workers' compensation, and cyber liability. The program aims to reduce barriers for small contractors, minority-owned businesses, women-owned businesses, and businesses owned by persons with disabilities.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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