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Can Both the Contractor and Property Owner Be Named Insureds on a Builder’s Risk Policy?

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However, it will not be covered for liability claims under a Builder’s Risk policy since that policy is not designed to cover the contractor’s operations, such as poor workmanship or negligence. Instead, a contractor’s operations liability should be covered by a separate Contractor’s General Liability policy.

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Builder’s Risk Insurance in Tennessee: A Broker’s Guide 

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Job sites that are under construction are prone to things like fire, theft, and vandalism. Theft : Covers the cost of replacing covered items that were stolen from the job site. Equipment : Covers damages to or theft of equipment used on the job site. An increase in construction also means an increase in financial risk.

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High-Capacity Limits Address Collections of Museums, Corporate Clients, and High-Net-Worth Individuals

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The Fine Art & Collectibles program can cover items for a loss caused by a wide range of events and perils, such as accidental breakage and damage, including during transit; water damage; theft, vandalism and malicious mischief; fire and smoke; and natural disasters.

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What are the most important questions to ask when choosing business insurance?

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Think about the everyday operations of your business: – Are there physical locations that require protection from natural disasters or theft? – Is there a high level of professional liability in your operations? – Property Insurance : Protects physical assets from perils like fire, theft, and vandalism.

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Protecting Fine Art, Collectibles in California

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Our program provides all-risk worldwide coverage for direct physical damage like fire and theft of personal collections of any size. Property and Liability products are distributed through a national network of agents and brokers.

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Does Builder’s Risk Coverage Differ for Residential vs. Commercial Construction Projects?

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While Builder’s Risk policies for both types of projects offer similar coverage, such as insuring for damage to the structure from fire, theft, and other covered perils, there are important distinctions between residential and commercial coverage.

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Builder’s Risk Insurance Declinations: An Interview With Susan DeCarlo

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We can consider weather related claims, but claims of theft, vandalism, and fire, for example, would be an automatic decline. If we are comfortable with our exposure, we may consider increasing the AOP deductible and the theft deductible , depending on the underwriting analysis. And in those cases, it would be a declination.

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