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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.
The British Columbia Assessment Authority is a publicly owned Crown Corporation in the Province of British Columbia, Canada. BC Assessment was created in 1974, as a result of a provincial government all-party committee unanimous recommendation that an independent assessment agency be created. Its mandate is to provide property assessment values ...
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, ...
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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.
The decennial warranty is a legal liability assumed by builders for all defects that compromise the integrity of their structures or that cause them to become unsuited for their intended purposes. This responsibility is mandated by Article 1792 et seq. of the Civil Code. It is imposed on builders for ten years from the acceptance date of the ...
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