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Ordinance or law coverage : Covers the cost of repairing or rebuilding structures to meet current building codes after a covered loss, even if the existing structure was not up to code. Crime insurance : Protects against financiallosses caused by theft, burglary, or employee dishonesty, covering stolen money, securities, or property.
Financial Interest and Named Insureds In a typical Builder’s Risk policy , the named insured is the entity that has a financial interest in the construction project. This could be the contractor, developer, or property owner, depending on who stands to suffer a financialloss if the property is damaged during construction.
In the case of a catastrophic loss, art pieces worth thousands of dollars would only be covered up to that low per-item limit, leaving the collector with significant financiallosses. For instance, many homeowners policies will insure collectible items only up to a certain amount per item, which could be as low as $200 each.
It’s important to monitor results and get ahead of future threats, and this can help minimize financiallosses. It is important our online platform has the right guardrails to ensure proper risk selection, mitigating the acceptance of unsuitable risks that could result in unnecessary losses.
Provide indemnity in case of financialloss or bankruptcy : In the event of a company’s complete financialloss or bankruptcy, management liability insurance can provide indemnity to directors and officers. Property and Liability products are distributed through a national network of agents and brokers.
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