Last week, ADR Systems Senior Mediator and Arbitrator, Gregory Meeder, Esq., spoke at a panel presentation hosted by the Chicago Building Congress (CBC) entitled, ” Optimizing the Process: CBC’s Virtual Construction Panel.” The presentation drew a crowd of more than 170 members and guests, covering hot topics regarding technology’s current role in the construction industry.
Mr. Meeder specifically discussed the potential downsides of technology based construction. Though modern technology has tremendously improved planning, coordination, and execution of construction projects, increased use of electronic data has made the industry vulnerable to cyber security threats, such as data tampering and theft. According to Mr. Meeder, his firm alone gets approximately 350,000 emails daily from malware seeking access to private company information. Mr. Meeder explained that because of this, a growing number of insurance companies are offering technology risk coverage, a form of coverage that responds to damages resulting from breaches in cyber security.
Though many construction owners may be hesitant to purchase technology risk coverage, with annual premiums starting at $12,500, it will likely become a necessity as the industry grows more reliant on technology’s capabilities.
Gregory Meeder, Esq. is a senior mediator and arbitrator at ADR Systems. He is an equity partner at Holland & Knight and has served as the president of the CBC. Mr. Meeder concentrates his mediation and arbitration practice in construction, e-discovery, business and commercial disputes. Mr. Meeder is a member of Holland & Knight’s National Construction Industry Practice Group and is the Regional Construction Practice Group Leader for the Midwest. He has reviewed, structured and negotiated design and construction contracts, litigated complex construction matters and handled disputes involving public owners, property developers, underground contractors, construction companies, and title insurance companies and individuals involving multi-million dollar projects.
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