Residential Construction Insurance
Definition of "Residential construction insurance"
Coverage in the event an insured's negligent acts and/or omissions involving the construction of a new one- or two-family residential structure result in bodily injury and/or property damage to a third party. The "insured" includes his or her employees and independent contractors. This coverage is normally part of the homeowners' insurance policy and extends coverage on an automatic basis for this exposure at no extra premium.
Popular Insurance Terms
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Bond guaranteeing that a contractor will perform under the contract in accordance with all specifications of the bid submitted. ...
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