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What does the acronym COPE stand for? Construction, occupancy, protection, and exposure
Why is it recommended that the owner have a soil test completed before any large commercial construction project takes place on a new lot? This test can determine if the site will require extra engineering for the foundation footings, which could limit the size of the building
Normally, the policy period for a builders risk is matched to which of the following? The projected length of the job plus an allowance for delays
To obtain the most favourable rates and coverage terms, when is it best to negotiate coverage and rates? Prior to the inception of the builders risk policy
Which of the following best describes how hoardings are considered under a builders risk? A hard cost
What is the purpose of a cross-liability clause? It allows the policy to respond as if each named insured had a separate policy.
Which of the following statements best describes a wrap-up liability policy term? It includes the length of the project plus the agreed upon completed operations term.
Wrap-up liability covers all associated workers and owners related to the project except which of the following? . Suppliers
In the case study, who is included as the named insured along with National Auto Parts under the wrap-up liability policy? All contractors, engineers, and architects
Wet or shifting ground increases the possibility of bodily injury or property damage due to collapse of trenches, support structures, or the building itself. As such, it is a good risk management strategy to do which of the following? Have the soil tested to ensure the risk is known
Name and describe the factors assessed in any physical builder’s risk. • Construction • Occupancy • Protection • Exposure COPE
List five advantages of the wrap-up liability approach. • All parties and claims are insured on one policy • Coverage is uniform • Policy limits are dedicated to the particular project insured • Costs can be controlled • Loss history is insulated
When beginning a risk assessment for a building, what are five pieces of information the intermediary should ask for? • Copies of the construction plans • What the projected costs are • What materials the buildings will be constructed with • What the soil conditions are • What site security is planned • The general manager’s experience/expertise in construction work
What do individual-trade contractors usually specialize in? One type of work only; they are electricians, HVAC (heating, ventilation, and air conditioning) technicians, carpenters, excavators, or plumbers
A general contractor also: does several different types of work (such as carpentry, painting, and electrical).
A bailee is someone who receives the property of another for an agreed temporary period for some purpose other than a sale
Crime policies (such as 3-D coverage for contractors) include which of the following? Comprehensive dishonesty, disappearance, and destruction
Which high-hazard operation is excluded in a normal commercial general liability policy? Underpinning
How is damage to unlicensed equipment insured? Contractor’s equipment floater
Generally, a commercial general liability (CGL) policy will cover most of a contractor’s needs, except when the contractor works in the United States.
Two exclusions unique to a contractors’ equipment floater are muskeg and overloading.
Liability exposures for a contractor include non-owned automobile
Which of the following tasks would a risk analyst do for a contractor? Collect information on risks and exposures
What are the most frequently required construction bonds and what do they guarantee? • Bid bond • Performance bond • Labour and materials payment bond • Maintenance bond • Licence bond
What general information is required from any contractor clients? • Experience, training & how long they have been in business • Where they work & equipment used • Safety measures on job sites • Contracts & hold-harmless agreements • Payroll &/or sales • Info on trade shows/exhibitions attended • Loss experience
What does environmental impairment insurance typically cover? • Sudden and accidental pollution events • Gradual pollution events • Off-site cleanup costs • Prior act • Shareholders, officers, employees, directors, or other members of elected boards • Damages involving noise or other sensory phenomena
Created by: Beakhoe
Popular Insurance sets




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