Following the house building example, once you reach a tentative agreement with a contractor to build your home they would contact an insurance company to get a performance bond. How much they pay for the bond will depend on the overall cost of the project and the reputation of the builder ...
Your commercial general liability insurance, or CGL, is designed to protect you while limiting the insurer's risk in worst-case scenarios. The general aggregate limit in your CGL insurance is an example of that balancing act. It places a ceiling on the insurer's obligation to pay for bodily ...
Understanding this section is important for contractors, as the costs and time needed to secure permits and licenses should be accounted for in their bids and project timelines. Insurance and bonding requirements The insurance and bonding requirements component specifies the types of insurance policies ...
Page 1. THE APPLICABILITY OF COMPREHENSIVE GENERAL LIABILITYINSURANCE FOR CERCLA RESPONSE COSTS I. INTRODUCTION Publicawareness of hazardous waste disposal problems is at a peak. The mediaHallowes, Donald BCap.u.l.rev
the property damage portion of your liability car insurance could pay out costs to repair the damaged property. Just like your other coverages, the property damage benefit is subject to a maximum limit. If your liability coverage has a limit of $75,000, your insurance policy could pay for ...
: Even if primary CGL insurance companies are successful in avoiding responsibility for defense and indemnity costs under the putative suit or damages exclusions, such costs are fully recoverable under the incredibly broad promises in typical umbrella and excess general liability (GL) insurance policies...
in addition to the applicable limit of liability: (a) all expenses incurred by the Company, all costs taxed against the Insured in any suit defended by the Company and all interest on the entire amount of any judgment therein which accrues after entry of the judgment and before the Company...
· A liability insurance cover will play a significant role in helping your company cover compensational costs and damages once the final judgment verdict has been made against your business. · It offers a certain degree of security and value since you know that your employees and assets are ...
Share on Facebook general average Also found in:Thesaurus,Medical,Legal,Financial,Acronyms,Encyclopedia,Wikipedia. Related to general average:Particular average n (Insurance)insuranceloss or damage to a ship or its cargo that is shared among the shipowners and all the cargo owners. Abbreviation:GACom...
In each of these cases, a commercial general liability policy might cover the cost of hiring lawyers to defend the company or the cost of settling the claims. If a business has frequent claims against its CGL insurance, the insurer might raise the premium costs of the policy. What Damages D...