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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).
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.
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.
According to Progressive, in 2022, the average general liability policy cost new customers $72 a month ($864 a year). The Hartford estimated that general liability costs $1,057 a year ($88 a month ...
Farmers Insurance Group (informally Farmers) is an American insurer group of vehicles, homes and small businesses and also provides other insurance and financial services products. Farmers Insurance has more than 48,000 exclusive and independent agents and approximately 21,000 employees.
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 ...
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