Insurance Terms for Construction: From AIA Articles to Workers Comp and Umbrella Policies, Quizzes of Introduction to Business Management

Download Insurance Terms for Construction: From AIA Articles to Workers Comp and Umbrella Policies and more Quizzes Introduction to Business Management in PDF only on Docsity! TERM 1 Insurance: general stuff DEFINITION 1 contractually requiredAIA201 Art. 11requirements established by owner and owner's insurance TERM 2 Commercial General Liability (CGL) DEFINITION 2 insurance for liability claims for bodily injury or property damage arising out of premises, operations, products and completed operations of the insured (insured business operations = construction activities) 3rd party bodily injury Workers comp for own crew Ex. dropping bricks on a car Premises and operations usually included in CGL Protects against claims caused by an incident on any premise owned or operated by the contractor provided that the exposures are noted at time policy was written TERM 3 Personal Injury Liability DEFINITION 3 false arrest, slander, libel, malicious prosecution, wrongful entry TERM 4 Contractual or Hold Harmless Coverage DEFINITION 4 provides protection from liability imposed under hold harmless or indemnification requirements of the contract that are not the fault of the contractor's negligence used to insure against liabilities arising from broad and/or intermediate indemnification clauses essentially indemnification TERM 5 Competed Operations DEFINITION 5 covers property damage and bodily injury liability resulting from the contractor's completed work no insurance for defective construction, however, there is insurance for issues that result to property damage from defective construction TERM 6 Builder's Risk DEFINITION 6 protects the property under construction, materials being used, and equipment Protects owner, contractors, subs, etc. Contractor should always require certificates of insurance from owner and evaluate the policies and coverage of policies purchased by owner Coverage for property damage to the work itself Ie. protection from vandalism. Does not protect from bodily injury Only during the course of construction TERM 7 Worker's Compensation DEFINITION 7 medical coverage and lost wages for your own employees TERM 8 Automobile Liability Insurance DEFINITION 8 coverage for owned, hired, and non-owned autos TERM 9 Floaters DEFINITION 9 A type of insurance policy that covers property that is easily movable and provides additional coverage over what normal insurance policies do not. This can cover anything from jewelry to expensive stereo equipment. TERM 10 Installation Floaters DEFINITION 10 purchased by contractors and subs to protect from loss of equipment; materials, supplies not covered under the builders risk policy