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
Wrongful inaction; failure to act; inactivity. ...
Insurance contract that cannot be cancelled by the insurance company. Since the insurance policy is a UNILATERAL CONTRACT instead of a BILATERAL CONTRACT, the INSURED may cancel at will. ...
Care in a sanitarium, nursing home, or other facility designed to provide custodial care on behalf of the mental and physical well-being of the patient. The cost may or may not be provided ...
Holding company formed by at least one stock insurance company. This holding company is owned by its stockholders and is usually listed on the New York Stock Exchange or the NASDAQ. In ...
Cost incurred in adjusting a claim. Claim-adjustment expenses include such items as attorneys' fees and investigation expenses (e.g., witness interviews). The claim settlement dollar amount ...
Coverage for property damage caused by untimely discharge from an automatic sprinkler system. This coverage, available through an endorsement to the Standard Fire Policy, typically excludes ...
Intense combustion resulting in a flame or glow. In order for the fire peril to be covered under property insurance, the fire must be a hostile fire, not a friendly fire. ...
Single contract coverage on a group basis issued to an employer. Group members receive certificates as evidence of membership summarizing benefits provided. ...
Coverage on an all risks basis for fur garments belonging to customers of a furrier. ...
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