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In addition to the rising cost of insurance premiums, issues include a discrepancy over whether a 15-year-old roof may be insured, and rising liability for contractors and architects working on ...
The default for most builder’s risk and general liability insurance contracts, for example, is to have developers pay the entire premium up front, before construction begins.
An owner controlled insurance program (OCIP) is an insurance policy held by a property owner during the construction or renovation of a property, which is typically designed to cover virtually all liability and loss arising from the construction project (subject to the usual exclusions).
According to Bankrate, as of August, the average annual premium for insurance in Florida is $5,531 for a $300,000 home — nearly two-and-a-half times the national average of $2,270.
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 report by Karen Clark & Company, titled “Managing Expectations: Why Florida Homeowners Insurance Premiums Are Not Likely to Go Down,” says rising inflation rates, reinsurance costs and ...
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