Insurance

What is not included in the property/builder's risk insurance?

Flood and earthquake damage

Who purchases professional liability/errors and omissions insurance?

May be purchased by contractor, architect and consultant.

Who may purchase automobile liability insurance?

May be purchased by contractors, architect and consultants

Who purchases loss of use insurance?

May be purchased by owner

Who buys contractual liability insurance?

May be purchased by the contractor

Who buys personal injury insurance?

May be purchased by the contractor

Who purchases products and completed operations coverage insurance?

May be purchased by the contractor

Who purchases property damage insurance?

May be purchased by the contractor

Who buys the workers' compensation insurance?

May be purchased by the contractor and architect. A201 REQUIRES THE CONTRACTOR TO PURCHASE IT.

Who buys general liability insurance?

May be purchased by the contractor, owner, architect, and consultant

Who purchases boiler and machinery insurance?

May be purchased by the owner if required by the contract documents or by law

Property/builder's risk insurance

May be purchased by the owner or by the contractor at the owner's request. It includes fire and property damage insurance for the project during construction.it covers temporary structures, materials, equipment, and supplies. Usually covers tools and equipment located within 100 ft as well as property in transit. Includes theft, vandalism, malicious mischief.

What is workers compensation insurance?

By law all employers must carry this insurance to protect employees in case of job-related injuries. The premiums for the insurance are included in the contractor's overhead cost and therefore reflected in the bid prices.

What is professional liability/errors and omissions insurance?

Covers liability of insured professionals against claims caused by errors, omissions or negligence to meet the standard of care expected from a professional

What is the benefit of having workers com?

The employer who is required to pay it is given IMMUNITY from a separate lawsuit by the worker who collects the insurance benefit after an injury

What is the disadvantage of workers comp for any of the other parties?

The worker is not precluded from suing any other party who might have been responsible for the injury. They are called THIRD PARTY SUITS

What is general liability insurance?

It protects from claims for damages for bodily injury, sickness, disease or death of the contractor's employee or any other person. PROFESSIONAL LIABILITY /ERRORS AND OMISSIONS, is a form of liability insurance.

What is loss of use insurance?

It protects against financial losses arising out of delays or other events that prevent the owner from using a project when and as intended, such as repairs, fire, replacing damaged property, etc.

What is products and completed operations coverage insurance?

It covers claims form bodily injury or property damage arising from accidents that may occur after the construction work has been completed and turned over to the owner

What is contractual liability insurance?

It covers liability assumed by contract. It is primarily indemnification/hold harmless clause, wherein contractors agree to hold owners and architects harmless from damages arising out of specified events

What is personal injury insurance?

It covers libel, defamation of character, slander, false arrest

What is property damage insurance?

It covers property other than construction work itself, which may be damaged by construction activities except explosion, collapse, underground damages caused by mechanical equipment