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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.
Coverage can be purchased by the property owner or general contractor. [6] Builder's risk coverage may be necessary to show proof of insurance to comply with local city, county, and state building codes and is often required as a condition to many contracts.
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.
Type of business insurance. Description. General liability insurance. Pays legal fees and settlements (up to your policy limits) if you get sued for a covered general cause. Product liability ...
BOPs usually include general liability, property insurance and business interruption insurance. BOPs are often more cost-effective than purchasing each type of coverage separately, ...
Merged with the General Accident Insurance Company of Canada to form the CGU Insurance Company of Canada (now Aviva Canada). Confederation Life Assurance Company: 1871 1995 Acquired by Manulife and Maritime Life after bankruptcy Crown Life Assurance Company 1900 1998 Canada Life Assurance: Dominion Life Assurance Company: 1889 1985 Manulife
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