Builders Risk Coverage Form
Definition of "Builders risk coverage form"
Same as term Builders Risks Forms: types of contracts that insure building contractors for damage to property under construction. The completed value form requires a 100% coinsurance because insurance carried must equal the completed value of the structure. The reporting form allows coverage to be carried according to the stage of completion of the structure. Perils insured against are fire, lightning, vandalism, malicious mischief, riot and civil commotion, smoke, sprinkler leakage, water damage, windstorm, and hail.
Popular Insurance Terms
Central computerized facility that keeps on file the health history of the applicants for life and health insurance with member MIB companies. For example, the health record of an applicant ...
Payment for coverage that remains throughout the same premium-paying period. ...
Primary responsibility for overseeing the insurance industry that has rested with individual states since 1945, after Congress passed the MCCARRAN-FERGUSON ACT (PUBLIC LAW 15). In addition ...
That which cannot be touched; having no meaning to the senses. It is represented by incorporeal rights in property (that which is evidence or represents value; for example, a copyright). ...
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Same as term Excess of Loss Reinsurance: method whereby an insurer pays the amount of each claim for each risk up to a limit determined in advance and the re-insurer pays the amount of the ...
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Single policy covering all insurable property of specified type s) at all locations of an insured business. The form is appropriate for the business that has several locations. There are ...
Term used in the reinsuring of disability income insurance policies in that, after an extended period of time expires (in addition to the elimination period found in the disability income ...
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