§431:10-222.5  Pooled insurance.  (a) Insurers may offer pooled insurance which allows liability insurance and allother types of insurance required by law, not including prepaid healthinsurance, to be obtained for a construction project.  Pooled insurance may bepurchased by:

(1)  The State and its public instrumentalities forspecific public works construction projects, or any other construction projectin the public interest which is publicly financed in whole or in part; or

(2)  A private person or legal entity subject to theState's tax laws for a specific construction project.

Pooled insurance shall be limited to thoseconstruction projects that are estimated to cost $50,000,000 or more for thetotal construction project.

(b)  For purposes of this section, "pooledinsurance" means an insurance policy or policies from licensed privateinsurers which cover the liability of all developers, contractors, andsubcontractors, for their performance directly related to the project.  Theinsurance policy or policies shall cover only a specific public works orprivate construction project and shall be in effect for the limited period oftime required to complete construction of that project; provided that thepolicy or policies shall cover claims in accordance with the terms of thepolicy or policies and within the applicable statute of limitations for thoseclaims.

(c)  The State, its public instrumentalities,or a private person or entity may obtain a pooled insurance policy or policiesand seek contributions or reimbursements of premiums from any contractor orsubcontractor who is included as a named insured.  In the alternative to thepreceding, the State, its instrumentalities, or a private person or entity mayarrange a premium payment guarantee from any contractor or subcontractorincluded as a named insured.

(d)  As used in this section,"contractors" and "subcontractors" do not includearchitects and engineers.

(e)  Nothing in this section shall be construedto alter or nullify the liability of any party to the State for claims arisingfrom a public works construction project.

(f)  In cases of conflict with section 386-124,this section shall control.

(g)  For purposes of this section, the phrases"specific construction project", "specific public worksconstruction projects, or any other construction project in the publicinterest", and "total construction project" shall include thoseprojects that may have multiple sites, and projects that involve ongoingconstruction in phases. [L 1996, c 224, §1; am L 1998, c 268, §2]