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Unlike single-family homes, apartment complexes face heightened risks damage from one unit can quickly spread to others, liability claims can stem from common areas, and evolving building codes can demand costly upgrades. The court awarded her a staggering $13 million in damages.
Unlike competitors retreating from the market due to aggregation risks, our Fine Art and Collectibles insurance program brings fresh capacity and a willingness to underwrite policies tailored to Californias unique challenges. Wildfire coverage is included under our Fine Art and Collectibles program based on underwriting.
This includes coverage for: General liability : Covers legal costs and damages that arise from lawsuits related to this construction, renovation, or betterment project. Under-construction buildings : Covers damages to buildings or structures that are under construction, renovation, or undergoing betterment.
These drawbacks include: No protections outside the home : If a collectible goes missing or is damaged while it is outside of your client’s home, like on the way to auction, then it may not be covered. If your client owns a toy that is worth tens of thousands of dollars, they might not be reimbursed for the full cost should it get damaged.
This includes damages that arise from: Fires Theft Vandalism Weather events We are also proud to offer coverages beyond property damage for buildings, temporary structures, and building materials. Our program also offers your clients general liability insurance, which can help cover legal costs that can occur on work sites.
This means complete property protection in the event of damages from: Extreme weather events Vandalism Theft Fire Beyond property damage, Distinguished also offers coverages for: General liability Soft costs Mold and fungus Off-site materials in transit How Much Does Builder’s Risk Cost in Michigan?
Vandalism : Intentional damage to the job site by third parties, including things like broken glass or graffiti. Property damage : Damages to the building that is being constructed or renovated. Equipment : Covers damages to or theft of equipment used on the job site.
Theft, damage during transport, or accidental breakage can devastate a collection that has taken years to assemble. So, if a piece is stolen or damaged while being transported for appraisal or exhibition, it likely wouldn’t be covered. We understand the unique risks and how to best insure these special items.
Of course, these facilities also have alarm systems connected to the fire department and are equipped with fire suppression systems to minimize the potential for fire damage. Individuals who are moving and don’t want their artwork or other collectibles to get damaged will use a specialty storage facility.
However, they also face unique risks, from vandalism and weather damage to transport and installation challenges. At Distinguished, our public art insurance covers theft and incidental damage to the fine art and collectibles entrusted to the public institution. What Does Public Art Insurance Cover?
In the event of a default, the principal must indemnify the surety for any costs or damages paid out to resolve the breach. The surety’s role is complex, as it must diligently assess the risks associated with underwriting bonds. The principal’s primary responsibility is to fulfill the contractual obligations to the obligee.
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