Primary Casualty Construction Insurance | Chubb (2024)

FAQs

What is primary casualty insurance? ›

• Primary Casualty coverage plans include Workers' Compensation, General Liability, Automobile Liability, Physical Damage and more, and can be part of a holistic insurance solution across property, casualty and financial lines.

Builder's risk insurance, also known as course of construction insurance, is a specialized type of property insurance that helps protect buildings under construction. It's essential in helping protect construction projects, but can be complex and often misunderstood.

Construction projects entail numerous risks, from accidents and property damage to contractual disputes and project delays. Insurance products help mitigate these risks by transferring potential financial losses to insurance companies.

Builder's Risk Insurance typically covers damages like fire, theft, and weather-related incidents but doesn't cover damages from defective workmanship or negligence. Factors like project type, location, construction methods, expected completion date, and amount of coverage influence the cost of this insurance.

If a child is covered by the insurance of two parents who share the same birthday, the policy that started first serves as the primary plan. For example, if the mother's plan has covered the child longer than the father's plan, then the mother's plan is the primary policy.

Primary insurance is a health insurance plan that covers a person as an employee, subscriber, or member. Primary insurance is billed first when you receive health care. For example, health insurance you receive through your employer is typically your primary insurance.

While exact coverages and limitations vary between providers, comprehensive builders risk policies may offer coverage for the following (but not limited to): Property damage. Theft. Vandalism.

Builder's risk insurance covers property and construction materials during a project. It's also called “course of construction insurance.” Builder's risk policies are available for new construction projects, remodeling and installation work.

Legal Obligation: In California, it's not just a choice – Builders Risk Insurance is often a legal requirement. Local jurisdictions and municipalities may mandate this insurance for construction projects. Compliance ensures you avoid costly penalties and legal issues.

The purpose of this article is to correct that misperception, by describing the typical scope of protection offered by three forms of insurance commonly found on a construction project: Commercial Liability Insurance, Builders Risk Insurance, and Professional Liability Insurance.

What is construction insurance for dummies? ›

Construction insurance is insurance protection that provides financial compensation for covered losses to a building or structure, as many mistakes, errors, and unforeseen events can lead to damages and losses during the construction of a building.

Professional liability insurance, also known as errors and omissions insurance (E&O), protects your construction business from lawsuits over the quality of your work or the work of subcontractors you hired.

A builders risk coverage form provides protection against losses on the building, equipment, and supplies, but not to accidents on the job, the land, scaffolding, and theft. The policy does not cover war, nuclear hazards, extreme weather, or government seizure.

Intentional Acts: Casualty insurance typically excludes coverage for damages or injuries caused intentionally by the policyholder or covered individuals. Employee Dishonesty: Casualty insurance may exclude coverage for losses due to dishonest acts of employees, such as theft or embezzlement.

Casualty insurance provides liability protection, which helps protect you if you're found legally responsible for an accident that causes injuries to others or if you damage another person's property.

Property insurance helps cover stuff you own like your home or your car. Casualty insurance means that the policy includes liability coverage to help protect you if you're found legally responsible for an accident that causes injuries to another person or damage to another person's belongings.

Casualty insurance doesn't directly cover the policyholder's property. For example, auto insurance, which includes both property and casualty coverage, can cover what the insured driver is liable for in an accident, subject to each state's at-fault or no-fault laws.