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In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language.
ACORD also provided expertise on digital data standards for a collaboration with IBM, ISN, and Marsh to streamline the proof of insurance process with the help of blockchain technology. The partnership is an attempt to eliminate the time- and labor-intensive paper insurance certificates that dominate the global insurance market. [9]
A certificate of occupancy is evidence that the building complies substantially with the plans and specifications that have been submitted to, and approved by, the local authority. It complements a building permit —a document that must be filed by the applicant with the local authority before construction to indicate that the proposed ...
Some insurance policies may give you the option to choose between ACV or replacement cost value (RCV), but if your roof is past a certain age (generally 15 to 20 years old), your insurer may ...
Examples of punch-list items include damaged building components (e.g. repair broken window, replace stained wallboard, repair cracked paving, etc.), or problems with the final installation of building materials or equipment (for example, install light fixture, connect faucet plumbing, install baseboard trim, reinstall peeling carpet, replace ...
The term Bermuda Form refers to various types of insurance policy.. In the 1980s, American companies found it increasingly difficult to buy large amounts of casualty (liability) insurance, partly because American courts interpreted policies in ways which gave coverage to policyholders which was wider than the insurers had anticipated, causing insurers large losses particularly in relation to ...
In the United States, an SR-22 (sometimes referred to as a certificate of insurance [a] or a financial responsibility filing) [1] [2] is a vehicle liability insurance document required by most state departments of motor vehicles (DMV) offices [b] for "high-risk" insurance policies. [3] An SR-22 is not an insurance policy, but a filing, or an ...
Extended coverage is a term used in the property insurance business. All insurance policies have exclusions for specific causes of loss (also called "perils") that are not covered by the insurance company. An extended coverage endorsement (EC) was a common extension of property insurance beyond coverage for fire and lightning.