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The term marine is of historical origin and the insurance definition has evolved to include a wide range of property and materials that are not marine related but may be in transit or deemed mobile including: property in transit, property in the custody of a bailee, property deemed to be an instrumentality of transportation or communication ...
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 ...
When a home insurance policy with a $300K dwelling limit already costs nearly $2,200 per year on average, it can be tempting to choose lower coverage limits to save money upfront. But, when you ...
Instead, developers can work with their brokers, a key ally in a construction project, to lower that initial cost by segmenting the amount of insurance they buy based on the project’s status.
A performance bond, also known as a contract bond, is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor. The term is also used to denote a collateral deposit of good faith money, intended to secure a futures contract, commonly known as margin.
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 all construction projects. 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 ...
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