Insurance Flashcards
What types of insurance is required in construction?
- Professional indemnity
- Contractor liability insurance
- Public liability insurance
- Non negligence insurance
- Employer liability insurance
What is contractors all risk insurance?
Insurance which covers third party (public liability) and building insurance for a contractor
What is covered under employers liability insurance?
Insurance for damage or injury to employees
What is covered under public liability insurance?
Covered for damage or injury to third party person (member of public or employee from another company)
What options does the JCT include for insurance?
Option A: Requires contractor to take out all risks insurance
Option B: Requires employer to take out all risks insurance
Option C: Joint policy for existing structures and their contents
What is your understanding of subrogation?
The right for insurers to step into the shoes of the insured and seek compensation from other defaulting parties
What is non negligent insurance?
Insurance for non negligent work to adjoining properties
What is a net contribution clause?
Promotes fairness
Where two or more parties are involved in a construction project, they are jointly liable for damages
What is aggregate claims in insurance?
The aggregated amount an insurer will pay for multiple claims during a policy period
What is each and every basis claim in insurance?
- each claim has its own limit of liability
- multiple claims are treated as a single claim
