Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
C131
| Question | Answer |
|---|---|
| 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