Podcast
Questions and Answers
What type of insurance protects the builder in case of loss, theft, or damage to materials, structure, and equipment during construction?
What type of insurance protects the builder in case of loss, theft, or damage to materials, structure, and equipment during construction?
- Health Insurance
- Builders' Risk Insurance (correct)
- Life Insurance
- Car Insurance
Who sets the minimum levels of insurance required for a construction project?
Who sets the minimum levels of insurance required for a construction project?
- Project Sponsor
- Project Contractor
- Project Owner
- Project Lender (correct)
What type of insurance provides coverage to the builder against compensation claims for property damage or physical injury during construction?
What type of insurance provides coverage to the builder against compensation claims for property damage or physical injury during construction?
- Pet Insurance
- Travel Insurance
- Commercial General Liability Insurance (correct)
- Home Insurance
What is a common requirement for lenders in terms of insurance when funding a construction project?
What is a common requirement for lenders in terms of insurance when funding a construction project?
If a project owner acts as a general contractor, what additional coverage may be required?
If a project owner acts as a general contractor, what additional coverage may be required?
What is the purpose of Commercial General Liability Insurance in construction projects?
What is the purpose of Commercial General Liability Insurance in construction projects?
What is one disadvantage of top-down estimates?
What is one disadvantage of top-down estimates?
How should work package estimates be treated in terms of contingencies?
How should work package estimates be treated in terms of contingencies?
What does adding Risk Assessment to an estimate help to avoid?
What does adding Risk Assessment to an estimate help to avoid?
In the context of Risk Assessment, what can help decide task risk assessment?
In the context of Risk Assessment, what can help decide task risk assessment?
Which approach involves breaking a project into distinct items or tasks?
Which approach involves breaking a project into distinct items or tasks?
What is an example of a top-down estimate?
What is an example of a top-down estimate?
What is the purpose of a hold or hold back in construction projects?
What is the purpose of a hold or hold back in construction projects?
What action is taken if a lien has been placed against the property?
What action is taken if a lien has been placed against the property?
Who receives the payment request approval before funds are forwarded for distribution in construction projects?
Who receives the payment request approval before funds are forwarded for distribution in construction projects?
When is the holdback released to the contractor in construction projects?
When is the holdback released to the contractor in construction projects?
What happens if a construction project's progress draw application is incomplete?
What happens if a construction project's progress draw application is incomplete?
Who confirms that there are no liens against the property before advancing funds in construction projects?
Who confirms that there are no liens against the property before advancing funds in construction projects?
What should be included when discussing equipment your company has at their disposal?
What should be included when discussing equipment your company has at their disposal?
Why is it recommended to leave the specific selection of components for a Specification document?
Why is it recommended to leave the specific selection of components for a Specification document?
What is the purpose of a kick-off meeting after a bid has been awarded?
What is the purpose of a kick-off meeting after a bid has been awarded?
Why is it important to mention that the Owner will provide certain equipment in the bid?
Why is it important to mention that the Owner will provide certain equipment in the bid?
What should be covered in the CV mentioned in the text?
What should be covered in the CV mentioned in the text?
Why does discussing scope of work help in conveying responsibilities effectively?
Why does discussing scope of work help in conveying responsibilities effectively?
What is a key responsibility of a project manager?
What is a key responsibility of a project manager?
Which team member is responsible for the physical installation of a project?
Which team member is responsible for the physical installation of a project?
Who typically makes final decisions on outstanding design issues in a project?
Who typically makes final decisions on outstanding design issues in a project?
What is a responsibility of the Services PM?
What is a responsibility of the Services PM?
What does the Project Management Institute (PMI) specialize in?
What does the Project Management Institute (PMI) specialize in?
Which team member is responsible for communication issues arising at the construction site?
Which team member is responsible for communication issues arising at the construction site?
What is a common responsibility of both the Construction PM and Consulting/Engineering PM?
What is a common responsibility of both the Construction PM and Consulting/Engineering PM?
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