25 Questions
Which type of insurance policy is cost-effective compared to separate CGL premiums on a project?
Wrap Up Liability Insurance
What is a disadvantage of Wrap Up Liability Insurance?
Almost all exclude damage to the project except during the completed operations period
What type of insurance policy should be in place for a project to cover damage to the project?
Builders' Risk Broad Form policy
What is the purpose of an Installation Floater insurance policy?
To cover a contractor for its installation work
According to the text, what is the recommended approach for insuring projects of varying sizes?
Insure to the maximum value of projects undertaken
What is the purpose of the Builders’ Risk Broad Form policy?
To insure against total loss
What is the right of subrogation?
The right of the insurance company to sue the party responsible for the loss
What is the purpose of reporting incidents and claims promptly to the insurer?
To expedite the claims handling process
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?
Standard Non-Owned Automobile Policy
What type of liability insurance is required for contractors using owned or leased aircraft?
Aircraft Insurance Policy
What type of insurance policy is required for all watercraft owned, leased or operated by or on behalf of the Contractor?
Watercraft Liability Insurance
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?
Contractors' Equipment Insurance
Which type of insurance is generally not addressed in most CCDC standard documents for contracts between Owners and Contractors?
Professional liability insurance
What type of insurance is available to cover the cost of renting equipment to temporarily replace what has been lost or damaged?
Rental reimbursement coverage
What is the main advantage of Wrap Up Liability Insurance on a construction project?
Elimination of duplicate coverages and premiums, and access to premium and volume discounts
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?
Errors and omissions insurance
According to the text, when should the Insured undertake repairs, removal, or replacement of the damaged property?
After the adjuster has investigated the loss
What is the insurance company's responsibility in the case of an accident?
To investigate the accident
What should the Insured do to protect their property from further loss or damage?
Remove the damaged property
When is the Property Insurer required to pay?
After receipt of P
What should the Insured discuss with their insurance representative?
The special permission for repairs
According to the text, what is the recommended minimum limit for Automobile Liability insurance for Owners of construction projects in Canada?
$5 million
According to the text, what is the minimum limit for Automobile Liability insurance for Contractors working in the United States?
$10 million
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?
Standard Owner’s Form Automobile Liability Policy
Which endorsement excludes vehicles leased for periods longer than 30 days in a Standard Non-Owned Automobile Liability Policy?
Standard Endorsement Form 96 (SEF 96)
Understanding the Cost-Effectiveness of Wrap Up Liability Policies: Take this quiz to learn how wrap up liability policies can save money by consolidating insurance coverage for construction projects. Explore the benefits of dedicated limits and simplified cost identification for owners. Test your knowledge and improve your understanding of wrap up liability policies in construction.
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