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The agency licenses individuals who are 18 years or older and can show verifiable proof of 4 years of experience at the journey level or as a foreman, supervisor, or contractor for the sought classification within 10 years of the application. The individual may run their own contractor business or work as a qualifying individual (QI) to qualify ...
OCIPs are also frequently referred to as "wrap-up insurance" or "wrap policies" in the insurance industry. [1] [4] The traditional method for insuring construction consisted of each general contractor (GC) and subcontractor obtaining their own insurance policies from any provider of their choosing. In turn, they would build their policy ...
Builder's risk insurance is "coverage that protects a person's or organization's insurable interest in materials, fixtures and/or equipment being used in the construction or renovation of a building or structure should those items sustain physical loss or damage from a covered cause."
The commissioner’s office said the requirement will be limited to California, so in-state consumers will not be on the hook for the insurance costs of other high-risk areas, like the Gulf Coast.
General liability insurance. This insurance policy steps in if you find yourself in legal trouble. If someone sues you — say they slip and fall at your business or accuse you of slandering them ...
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.
The California FAIR Plan is an insurance program of last resort for homeowners in high-risk areas of the Golden State who are unable to obtain fire coverage in the private insurance market.
In the mechanics lien process, a lien waiver is a document from a contractor, subcontractor, materials supplier, equipment lessor or other party to the construction project (the claimant) stating they have received payment and waive any future lien rights to the property (of the owner) for the amount paid.