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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Insurance company that does not utilize the rates and policies of a rating bureau. ...
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Record of losses, whether or not insured. This record is used in predicting future losses and in developing premium rates based on expectation of insured losses. ...
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