Builders Risk Hull Insurance
Definition of "Builders risk hull insurance"
Property coverage for a builder of ships until possession passes to the owners. Protects against pre-launch and post-launch perils. Coverage can be purchased on an all risks basis subject to the exclusions of war, nuclear disaster, and inherent defects. The builder buys either insurance that covers the startup value of the property, to be adjusted upward to reflect additional construction (Reporting Form); or insurance to cover the completed value of the property (Completed Form).
Popular Insurance Terms
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Means of funding permitted under the employee retirement income security act of 1974 (ERISA). The administrator of a pension plan can comply with required minimum funding standards by ...
Very broad term for insurance covering liability exposures for individuals and business owners. It provides broad coverage, generally including all exposures for property damage and bodily ...
Payments awarded by a court in a liability suit. Money damages can be broken down into compensatory and punitive. Compensatory damages reimburse a plaintiff for expenses incurred for such ...
Endorsement to owners, landlords, and tenants LIABILITY POLICY, MANUFACTURERS AND CONTRACTORS LIABILITY INSURANCE, or other liability policies for business firms that provides liability ...
Clause in a property insurance policy that stipulates that either the insurer or the insured has the right to demand an appraisal in order to determine the monetary damage or loss to an ...
Clause found in an annuity contract that enables the owner of that contract to withdraw his or her money without surrender penalties, if the annual interest rate is lowered below a certain ...
Conducting of maritime suits involving ocean marine insurance policy claims before an admiralty court. ...
Losses paid plus positive or negative changes in the year-end loss reserves during that particular year. The total amount includes payments for any old claims as well as new claims, plus ...
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