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Questions and Answers
Which type of insurance policy is cost-effective compared to separate CGL premiums on a project?
Which type of insurance policy is cost-effective compared to separate CGL premiums on a project?
- Installation Floater
- Maintenance of a dedicated limit
- Wrap Up Liability Insurance (correct)
- Builders' Risk Broad Form policy
What is a disadvantage of Wrap Up Liability Insurance?
What is a disadvantage of Wrap Up Liability Insurance?
- There is only one limit available for all project parties with respect to an occurrence
- There is no standard industry form
- Almost all exclude damage to the project except during the completed operations period (correct)
- Coverage may not be as broad as a particular Contractor's CGL
What type of insurance policy should be in place for a project to cover damage to the project?
What type of insurance policy should be in place for a project to cover damage to the project?
- Builders' Risk Broad Form policy (correct)
- Wrap Up Liability Insurance
- CGL policy
- Installation Floater
What is the purpose of an Installation Floater insurance policy?
What is the purpose of an Installation Floater insurance policy?
According to the text, what is the recommended approach for insuring projects of varying sizes?
According to the text, what is the recommended approach for insuring projects of varying sizes?
What is the purpose of the Builders’ Risk Broad Form policy?
What is the purpose of the Builders’ Risk Broad Form policy?
What is the right of subrogation?
What is the right of subrogation?
What is the purpose of reporting incidents and claims promptly to the insurer?
What is the purpose of reporting incidents and claims promptly to the insurer?
Which type of insurance policy protects the Contractor against claims arising from accidents involving vehicles not owned by the Contractor, or leased for periods of less than 30 days by the Contractor, but for which the Contractor may be legally liable?
Which type of insurance policy protects the Contractor against claims arising from accidents involving vehicles not owned by the Contractor, or leased for periods of less than 30 days by the Contractor, but for which the Contractor may be legally liable?
What type of liability insurance is required for contractors using owned or leased aircraft?
What type of liability insurance is required for contractors using owned or leased aircraft?
What type of insurance policy is required for all watercraft owned, leased or operated by or on behalf of the Contractor?
What type of insurance policy is required for all watercraft owned, leased or operated by or on behalf of the Contractor?
What type of insurance policy covers direct physical loss of construction machinery and equipment, and assures that the Contractor will not be forced out of business or forced to delay or abandon the contract because of a major uninsured or underinsured equipment loss?
What type of insurance policy covers direct physical loss of construction machinery and equipment, and assures that the Contractor will not be forced out of business or forced to delay or abandon the contract because of a major uninsured or underinsured equipment loss?
Which type of insurance is generally not addressed in most CCDC standard documents for contracts between Owners and Contractors?
Which type of insurance is generally not addressed in most CCDC standard documents for contracts between Owners and Contractors?
What type of insurance is available to cover the cost of renting equipment to temporarily replace what has been lost or damaged?
What type of insurance is available to cover the cost of renting equipment to temporarily replace what has been lost or damaged?
What is the main advantage of Wrap Up Liability Insurance on a construction project?
What is the main advantage of Wrap Up Liability Insurance on a construction project?
What type of insurance is recommended for project managers, construction managers, or other consultants who may not be responsible for project design, but who may provide other professional services?
What type of insurance is recommended for project managers, construction managers, or other consultants who may not be responsible for project design, but who may provide other professional services?
According to the text, when should the Insured undertake repairs, removal, or replacement of the damaged property?
According to the text, when should the Insured undertake repairs, removal, or replacement of the damaged property?
What is the insurance company's responsibility in the case of an accident?
What is the insurance company's responsibility in the case of an accident?
What should the Insured do to protect their property from further loss or damage?
What should the Insured do to protect their property from further loss or damage?
When is the Property Insurer required to pay?
When is the Property Insurer required to pay?
What should the Insured discuss with their insurance representative?
What should the Insured discuss with their insurance representative?
According to the text, what is the recommended minimum limit for Automobile Liability insurance for Owners of construction projects in Canada?
According to the text, what is the recommended minimum limit for Automobile Liability insurance for Owners of construction projects in Canada?
According to the text, what is the minimum limit for Automobile Liability insurance for Contractors working in the United States?
According to the text, what is the minimum limit for Automobile Liability insurance for Contractors working in the United States?
Which type of insurance policy provides Third Party Liability and Accident Benefits Insurance for licensed vehicles owned or operated by or on behalf of the Contractor or leased to the Contractor?
Which type of insurance policy provides Third Party Liability and Accident Benefits Insurance for licensed vehicles owned or operated by or on behalf of the Contractor or leased to the Contractor?
Which endorsement excludes vehicles leased for periods longer than 30 days in a Standard Non-Owned Automobile Liability Policy?
Which endorsement excludes vehicles leased for periods longer than 30 days in a Standard Non-Owned Automobile Liability Policy?
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