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Author Question: What is builder's risk insurance, and why is it purchased? What will be an ideal ... (Read 10 times)

mckennatimberlake

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on: Jul 26, 2018
What is builder's risk insurance, and why is it purchased?
 
  What will be an ideal response?

Question 2

What is the difference between occurrence-based and claims-based liability insurance policies?
 
  What will be an ideal response?


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Kingjoffery

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Reply #1 on: Jul 26, 2018
Answer to Question 1

Builder's risk insurance is first-party insurance that provides coverage for the cost of damages to a project under construction including temporary construction and materials stored on site.

Answer to Question 2

An occurrence-based polity provides coverage regardless of when the claim is made provided that the insured occurrence took place during the policy period. A claims-based policy covers only claims made during the policy period, irrespective of when the insured occurrence occurred.


mckennatimberlake

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Reply 2 on: Jul 26, 2018
Great answer, keep it coming :)

ryhom

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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