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Risk Retention Groups (Explanation)

Principal Banner of Risk Retention Groups Explanation

Contractors Liability: What is a risk retention group? The Liability Risk Retention Act (LRRA) is a federal law that was passed by Congress in 1986 to help U.S. businesses, professionals, and municipalities obtain contractors liability insurance, which had become either …

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Owner Controlled Insurance Program | Contractors Insurance

executive handing over a pen to sign an insurance contract

An owner controlled insurance program is a centralized insurance program usually procured for either specific construction projects or multiple construction contracts. The reason why general contractors and builders need to get this OCIP is because it will be able to cover all the project interests of the contractors and sub-contractors that will participate in the project. The general contractor will be able to maintain risk control and take up the management and administration of the insurance policy. The owner controlled insurance program is different from a contractor-arranged insurance program because under the latter, each individual contractor has to get his own insurance policy on different terms and conditions, limits and insurance coverage.

Blanket Insurance

Principal Banner of Blanket Insurance

Blanket insurance is a type of insurance that will protect one from accidents, liabilities occurred during a contract and many other things in regards to general contractoring. There are some cases where something may go wrong during the course of a contract and warrant a lawsuit, bringing a contractor down in his business. However, if he has contractors liability insurance, the reverse would be the case. That is why it is very advisable for contractors to adopt this system because mere thinking of how to get a good lawyer to defend you in such cases would be time wasting and expensive and in the long run it might put you off your business.

General Contractors Insurance Made Simple

General Contractors Insurance Made Simple

The general contractor’s insurance doesn’t have to be complicated. Let’s start by first identifying what the insurance company considers a general contractor and the two categories that most general contractors fall into. Wikipedia defines a general contractor as follows: The …

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What is A CG 20 10 Additional Insured

Principal Banner of What Is A CG 20 10 Additional Insured

The Endorsement I Have Just Been Asked For? You are negotiating a large new contract, and the owner requests that you provide them a certificate of insurance naming them as additional insured. You might wonder, can I get that and …

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