30 Questions
Which type of insurance policy provides coverage in excess of the listed Automobile Policy?
Standard Excess Automobile Policy (Third Party Liability)
What is the recommended minimum limit for General Liability insurance in Canada?
$15 million
What is the term used to describe a relatively broad form of insurance that is subject to specific exclusions?
All Risks
Which clause in the Builders' Risk Broad Form Policy CCDC Endorsement specifies that all Contractors and/or Subcontractors are added as Additional Insureds?
Additional Insured Clause
When does exposure to damage commence for a construction project covered by Builders' Risk Broad Form property insurance?
At the delivery of materials
Which of the following best describes the purpose of this guide?
To explain the types of insurance commonly used on construction projects
Who should users consult to obtain professional advice on construction insurance?
Their insurance representatives
What are the policies and amounts stipulated in the CCDC standard contract forms?
Recommended minimum coverages
What is the main difference between insurance policies and surety bonds?
Insurance policies involve two parties, while surety bonds involve three parties
Can Contractors insure beyond the policies and minimum limits outlined in the contract documents?
Yes, they can
Which of the following is NOT a type of liability covered by the policy?
Completed Operations
Who does the policy insure, in addition to the Named Insureds?
Executive officers
What is the coverage territory of the insurance policy?
Canada and the United States
How long is the Completed Operations coverage provided by the policy?
6 years
What is an exclusion of the Commercial General Liability Policies?
All of the above
Which of the following is NOT typically covered under most CGL policies?
Coverage for pollution liability
What is the definition of 'product' in CGL policies?
Any goods or products manufactured, sold, handled, distributed, or disposed of by the Insured or others trading under the Insured's name
Which of the following is NOT excluded under most CGL policies?
Damage to property caused by Subcontractor's work
When should Contractors consult their insurance representative regarding professional services or advice?
Before performing any design work or other services that are customarily done by professionals
What do Umbrella Liability policies provide coverage for?
Claims for bodily injury and property damage
Which of the following best describes a performance bond?
A guarantee by the Surety for the performance of a contract by the Principal for the Obligee
What is the main difference between insurance and surety bonds?
Insurance is based on the risk-spreading principle of underwriting, while surety bonds are effectively credit instruments
What is the purpose of a Commercial General Liability Policy?
To insure liability imposed by law or assumed under contract for injury to persons and damage to or destruction of property belonging to others arising from the Contractor’s activities
What is the purpose of the CCDC Endorsement for a Commercial General Liability Policy?
To add the Owner and the Consultant as Insureds with respect to liability arising out of the operations of the Contractor with regard to the Work
What is the purpose of the Blanket additional insured coverage available from some insurers?
To provide additional insured coverage for multiple projects under a single policy
True or false: If the Owner or Contractor purchases Umbrella Liability, that policy needs to be reviewed to make sure that the Contractors Endorsement provides coverage as broad as the CGL.
True
True or false: A 'Standard Excess Automobile Policy (Third Party Liability)' provides coverage in excess of the listed Automobile Policy.
True
True or false: The limit stipulated for General Liability insurance in CCDC 41 is the recommended minimum that should be required by Owners of construction projects.
True
True or false: Judgments for crippling personal injuries in Canada have exceeded $15 million.
True
True or false: Builders’ Risk Broad Form property insurance provides coverage in excess of the listed Automobile Policy.
False
This quiz tests your knowledge on the conditions and definitions of an insurance policy. It covers topics such as duties in the event of a claim, termination provisions, and definitions of special terms. Perfect for anyone looking to brush up on their understanding of insurance policies.
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