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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 ...
In OCIP, all construction, materials, hazard, workers' compensation, environmental, terrorism, and other building-related insurance is purchased by the property owner as part of a single policy from a single insurer. Thus, property owners benefit from OCIP in that all insurance costs are collected into a single policy premium, rather than ...
Aviation was the first line of insurance provided by Tokio Marine HCC. The company's insurance for aviation includes liability, cargo, and war. HCC Aviation insures approximately 45,000 aircraft in the United States and more than 60 countries worldwide. [8] Avemco Insurance Company was a stand-alone NYSE company acquired by Tokio Marine HCC in ...
Risk-based cost of insurance. This is the full actuarial rate calculated by FEMA under the new risk plan based on expected losses. Due to state subsidies, most policyholders pay below this amount.
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.
Depending on the terms of the policy, fire insurance or a clause for fire damage coverage in your regular policy may pay out based on the actual value of the property after the fire, or it may pay ...
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.
Eleven insurance companies were bankrupted, while others stopped writing or renewing property insurance policies in the state. [3] Those that remained raised premiums and deductibles across the board and limited the number of high-risk policies they wrote.
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