Gloria testified she scheduled the meeting because they needed a builder's risk insurance
policy to obtain a $234,000 mortgage from their bank.
Weitz had obtained a commercial builder's risk insurance
policy from Liberty Insurance Underwriters Inc.
Purchased by a single entity and administered by the same broker and insurance company, this coverage typically includes general liability, excess liability, builder's risk insurance
and workers' compensation.
Other line-item costs that would otherwise be considered overhead include builder's risk insurance
; set-up and call charges for a jobsite phone; tool repairs and blade sharpening, plus the cost of blades and bits consumed during the course of the work; and rental of company-owned equipment, such as staging, at market rates.
In his lawsuit, Defoe argues that his insurer was negligent because it failed to procure builder's risk insurance
and activate it in a timely fashion.
Should you buy builder's risk insurance
or assume the risk of constructing the new building yourself?
Editorial covers such topics as: construction lending, including lender liability, insurance and indemnification issues, including builder's risk insurance
, commercial general liability insurance and worker's compensation, building codes, requirements, violations and building official liability, construction industry bands and sureties, defenses available to a construction industry surety, bad faith, and, design services agreements.