Cindy Jack. Owner, Summit Home Construction, Inc. Summit Home Construction, Inc. Hot Springs National Park, Arkansas, United States. 1 follower 1 connection.
What does course of construction mean?
Course of Construction means that period after construction begins until the entire project has been: (a) finally accepted by its current owner or purchaser; and (2) put to its intended use; and (3) permitted for occupancy.
What is the purpose of construction insurance?
This coverage provides financial protection against lawsuits over property damage or bodily injury caused by your construction project, such as a construction defect that later causes an injury. You should also consider adding contractors pollution liability insurance as an endorsement to your general liability policy.
Who pays for builders risk insurance in NC?
It's typically the responsibility of the general contractor or the owner/developer to purchase a policy that will cover losses for all who have a vested interest in the project during the course of construction.
Which of the following would not be covered under a builders risk coverage form?
A builders risk coverage form provides protection against losses on the building, equipment, and supplies, but not to accidents on the job, the land, scaffolding, and theft. The policy does not cover war, nuclear hazards, extreme weather, or government seizure.
What does CoC mean in insurance?
A certificate of coverage (CoC) is a contract that lists an individual's health insurance coverage with their payor. The CoC details the health benefits the beneficiary and their dependents have under their plan. Details include exclusions and conditions.