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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.
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.
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.
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 ...
BOPs usually include general liability, property insurance and business interruption insurance. BOPs are often more cost-effective than purchasing each type of coverage separately, ...
The cost of the insurance can significantly increase construction costs and may be up to 1.5% of structural value (including the Technical Inspections that the insurers mandate). Under French law (Article L241-1 of the Insurance Code), every builder is required to purchase a ten-year insurance policy covering the mandatory decennial warranty on ...
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