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A typical business owner's policy includes property and liability insurance. The property insurance portion of a BOP is available most often as named-peril coverage, which provides compensation only for damage caused by events specifically listed in the policy (typically fire, explosion, wind damage, vandalism, smoke damage, etc.). [3]
Under the McCarran-Ferguson Act, most insurance matters are regulated at the state, rather than federal, level. However, in the late 1970s, Congress faced an unprecedented crisis in insurance markets, during which many businesses were unable to obtain product liability coverage at any cost.
The statute states that Colorado's guaranty fund "provide(s) a mechanism for the payment of covered claims under certain insurance policies, to avoid excessive delay in payment and financial loss to claimants or policyholders because of the insolvency of an insurer, to assist in the detection and prevention of insurer insolvencies, and to ...
Homeowners in the U.S. pay an average rate of $2,230 per year for $300,000 in dwelling coverage (as of July 2024). But how is home insurance calculated?
Personal property coverage: This coverage makes up a large portion of your homeowners insurance and is designed to replace your home’s contents after a covered peril, including clothing ...
Liability insurance (also called third-party insurance) is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy.
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