insurance

(redirected from Builder's risk insurance)
Also found in: Dictionary, Thesaurus, Medical, Legal, Encyclopedia, Wikipedia.

Insurance

Guarding against property loss or damage by making payments in the form of premiums to an insurance company, which pays an agreed-upon sum to the insured in the event of loss.

Insurance

A contract between a client and a provider whereby the client makes monthly payments, called premiums, in exchange for the promise that the provider will pay for certain expenses. For example, if one purchases health insurance, the provider will pay for (some of) the client's medical bills, if any. Likewise in life insurance, the provider will give the client's family a certain amount of money when the client dies. The insurance company spreads the risk of any one expense by pooling the premiums from many clients. See also: Takaful.

insurance

a method of protecting a person or firm against financial loss resulting from damage to, or theft of, personal and business assets (general insurance), and death and injury (life and accident insurance). Insurance may be obtained directly from an INSURANCE COMPANY or through an intermediary such as an INSURANCE BROKER/AGENT. In return for an insurance premium the person or firm obtains insurance cover against financial risks. See ASSURANCE, COST, INSURANCE AND FREIGHT.

insurance

a method of protecting a person or firm against financial loss resulting from damage to, or theft of, personal and business assets (general insurance), and death and injury (life and accident insurance). Insurance may be obtained directly from an INSURANCE COMPANY or through an intermediary such as an INSURANCE BROKER/AGENT. In return for an insurance premium, the person or firm obtains insurance cover against financial risks. The term assurance is frequency used interchangeably with that of insurance to describe certain kinds of life insurance. See RISK AND UNCERTAINTY.

insurance

A commercial contract agreeing to compensate one for loss in the event of specifically named or described risks.

References in periodicals archive ?
Based on the language of the builder's risk insurance policy, the structure fits the definition of "existing inventory" and was therefore not covered under the terms of the policy.
The court of appeals' decision delineates a bright line rule by finding the insured construction site to be covered by builder's risk insurance until the project is completed and approved for occupancy, at which time the Standard Fire Policy would apply.
Defoe claims that by cashing the two checks, Liberty led him to believe that it had procured builder's risk insurance.
The owner was paid by its insurer pursuant to the builder's risk insurance policy following a gas explosion and fire at a school building in the process of construction.
In the case of builder's risk insurance, since many wrap-ups do not provide the protection necessary to satisfactorily finance the contractor's contractual risk, it will often secure separate project-specific difference in conditions (DIC) coverage.
As risk managers are aware, commercial general liability and builder's risk insurance policies generally exclude mold or have sub-limits, unless the problem is the result of a covered peril, such as a burst pipe.
In that case, the insured sought sue-and-labor expenses under a marine builder's risk insurance policy for the cost of protecting a multimillion-dollar yacht under construction against anticipated vandalism and freezing damage after the Wisconsin ship-building company closed its doors and abandoned the boat yard.