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Questions and Answers
Which type of insurance policy provides coverage in excess of the listed Automobile Policy?
Which type of insurance policy provides coverage in excess of the listed Automobile Policy?
- Standard Excess Automobile Policy (Third Party Liability) (correct)
- CGL
- Builders' Risk Broad Form Property Insurance
- Umbrella Liability
What is the recommended minimum limit for General Liability insurance in Canada?
What is the recommended minimum limit for General Liability insurance in Canada?
- $50 million
- $25 million
- $10 million
- $15 million (correct)
What is the term used to describe a relatively broad form of insurance that is subject to specific exclusions?
What is the term used to describe a relatively broad form of insurance that is subject to specific exclusions?
- Umbrella Liability
- CGL
- Builders' Risk Broad Form Property Insurance
- All Risks (correct)
Which clause in the Builders' Risk Broad Form Policy CCDC Endorsement specifies that all Contractors and/or Subcontractors are added as Additional Insureds?
Which clause in the Builders' Risk Broad Form Policy CCDC Endorsement specifies that all Contractors and/or Subcontractors are added as Additional Insureds?
When does exposure to damage commence for a construction project covered by Builders' Risk Broad Form property insurance?
When does exposure to damage commence for a construction project covered by Builders' Risk Broad Form property insurance?
Which of the following best describes the purpose of this guide?
Which of the following best describes the purpose of this guide?
Who should users consult to obtain professional advice on construction insurance?
Who should users consult to obtain professional advice on construction insurance?
What are the policies and amounts stipulated in the CCDC standard contract forms?
What are the policies and amounts stipulated in the CCDC standard contract forms?
What is the main difference between insurance policies and surety bonds?
What is the main difference between insurance policies and surety bonds?
Can Contractors insure beyond the policies and minimum limits outlined in the contract documents?
Can Contractors insure beyond the policies and minimum limits outlined in the contract documents?
Which of the following is NOT a type of liability covered by the policy?
Which of the following is NOT a type of liability covered by the policy?
Who does the policy insure, in addition to the Named Insureds?
Who does the policy insure, in addition to the Named Insureds?
What is the coverage territory of the insurance policy?
What is the coverage territory of the insurance policy?
How long is the Completed Operations coverage provided by the policy?
How long is the Completed Operations coverage provided by the policy?
What is an exclusion of the Commercial General Liability Policies?
What is an exclusion of the Commercial General Liability Policies?
Which of the following is NOT typically covered under most CGL policies?
Which of the following is NOT typically covered under most CGL policies?
What is the definition of 'product' in CGL policies?
What is the definition of 'product' in CGL policies?
Which of the following is NOT excluded under most CGL policies?
Which of the following is NOT excluded under most CGL policies?
When should Contractors consult their insurance representative regarding professional services or advice?
When should Contractors consult their insurance representative regarding professional services or advice?
What do Umbrella Liability policies provide coverage for?
What do Umbrella Liability policies provide coverage for?
Which of the following best describes a performance bond?
Which of the following best describes a performance bond?
What is the main difference between insurance and surety bonds?
What is the main difference between insurance and surety bonds?
What is the purpose of a Commercial General Liability Policy?
What is the purpose of a Commercial General Liability Policy?
What is the purpose of the CCDC Endorsement for a Commercial General Liability Policy?
What is the purpose of the CCDC Endorsement for a Commercial General Liability Policy?
What is the purpose of the Blanket additional insured coverage available from some insurers?
What is the purpose of the Blanket additional insured coverage available from some insurers?
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 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 or false: A 'Standard Excess Automobile Policy (Third Party Liability)' provides coverage in excess of the listed Automobile Policy.
True or false: A 'Standard Excess Automobile Policy (Third Party Liability)' provides coverage in excess of the listed Automobile Policy.
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 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 or false: Judgments for crippling personal injuries in Canada have exceeded $15 million.
True or false: Judgments for crippling personal injuries in Canada have exceeded $15 million.
True or false: Builders’ Risk Broad Form property insurance provides coverage in excess of the listed Automobile Policy.
True or false: Builders’ Risk Broad Form property insurance provides coverage in excess of the listed Automobile Policy.
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