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Liability insurance is designed to offer specific protection against third-party insurance claims, i.e., payment is not typically made to the insured, but rather to someone suffering loss who is not a party to the insurance contract. In general, damage caused intentionally as well as contractual liability are not covered under liability ...
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.
Public liability insurance or general liability insurance covers a business or organization against claims should its operations injure a member of the public or damage their property in some way. Directors and officers liability insurance (D&O) protects an organization (usually a corporation) from costs associated with litigation resulting ...
OCIPs are also frequently referred to as "wrap-up insurance" or "wrap policies" in the insurance industry. [1] [4] The traditional method for insuring construction consisted of each general contractor (GC) and subcontractor obtaining their own insurance policies from any provider of their choosing. In turn, they would build their policy ...
For example, in California indemnification clauses do not cover certain risks unless the risks are listed in the contract, but in New York, the brief clause, "X shall defend and indemnify Y for all claims arising from the Product" makes X responsible for all claims against Y. [13] Indemnity can be extremely costly since X's liability insurance ...
Homeowners insurance vs. condo insurance Buying a condo is more similar to buying a home than a co-op. When you buy a condo, you own the unit and likely need condo insurance to insure it properly.