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Builder's risk insurance (Contractor's All Risk insurance – CAR insurance) is a type of property insurance which indemnifies against damage to buildings while they are under construction. [1] Builder's risk insurance is "coverage that protects a person's or organization's insurable interest in materials, fixtures and/or equipment being used ...
RLI Corp. is an American insurance company specializing in property insurance and casualty insurance. [2] It is headquartered in Peoria, Illinois. [2] [3]RLI conducts its operations primarily through four insurance subsidiaries — RLI Insurance Company, Mt. Hawley Insurance Company, [4] RLI Indemnity Company, and Contractors Bonding and Insurance Company.
An indemnity is distinct from a warranty in that: [8] An indemnity guarantees compensation equal to the amount of loss subject to the indemnity, while a warranty only guarantees compensation for the reduction in value of the acquired asset due to the warranted fact being untrue (and the beneficiary must prove such diminution in value).
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Whether or not general liability insurance covers construction defects or "faulty workmanship" is a matter of some debate, as some insurers have viewed poor workmanship as a risk that is covered by a surety bond rather than an insurance policy given that a construction professional may have some influence (through attention to detail, skill, and effort) over whether such a defect occurs.
An 18th-century fire insurance contract. Property insurance can be traced to the Great Fire of London, which in 1666 devoured more than 13,000 houses.The devastating effects of the fire converted the development of insurance "from a matter of convenience into one of urgency, a change of opinion reflected in Sir Christopher Wren's inclusion of a site for 'the Insurance Office' in his new plan ...
Home insurance in the United States may differ from other countries; for example, in Britain, subsidence and subsequent foundation failure is usually covered under an insurance policy. [7] United States insurance companies used to offer foundation insurance, which was reduced to coverage for damage due to leaks, and finally eliminated ...
The classes of insurance underwritten by Catlin include property, general liability, professional liability/indemnity, energy, aviation, marine hull and cargo, accident and health, specie, satellite, equine and livestock, product recall, construction and engineering, motor fleet, and inland marine.