Construction Insurance

Question 1

Subrogation

Answer 1

an insurance company can seek recovery from the 3rd party that was responsible for causing the loss.
If the company pays the claim, it gains the insured’s right to sue

Question 2

what are reserves

Answer 2

Set aside when a case or claim may extend into the future

Question 3

experience modification rating

Answer 3

affects insurance premiums based on safety (less than 1.0 is good)

Question 4

Key-Man Insurance

Answer 4

covers the untimely death of a principal person

Question 5

Worker’s Compensation

Answer 5

Covers injuries to employees as a result of being employeed

Question 6

Umbrella Excess Liability

Answer 6

Injury and property damage to third parties

Question 7

Builder’s Risk

Answer 7

covers damage to project being constructed

Question 8

Standard Builders Risk

Answer 8

basic plan which covers against direct losses caused by fire and lightning. Also covers vandalism, theft. Can be extended to cover other weather related threats.

Question 9

All Risk Builder’s Risk

Answer 9

Broader coverage than the standard builder’s risk

Question 10

Equipment Floater

Answer 10

Loss or damage to equipment

Question 11

Automobile Insurance

Answer 11

Loss or damage to an automobile

Question 12

Employers liabilities

Answer 12

Employer liability for employee injuries