Insurance and Bonds

Who is absolutely liable under Worker's Compensation laws according to the slide?

• A) The employee

• B) The insurance company

• C) The employer

• D) The state

What do Public Liability Policies protect contractors from?

• Employee disputes

• Third party claims due to various operations at the project site

• Weather-related damages

• Equipment theft

What is a deductible in the context of Public Liability Policies?

• A bonus given to the contractor for safe operations

• The amount the insurance company pays out first

• The amount the contractor must pay before the insurance company is liable

• A discount on the premium for claim-free years

Until when does Builder's Risk Policies cover the construction place?

• Until the construction is completed

• Until it is accepted by the owner

• Until the permit of occupancy is given

• Until the first use by the owner

What does Builder's Risk Policies include?

• Only the value of the equipment used

• The value of work lost and consequential damages

• The value of work lost only

• The value of materials only

Which of the following is NOT an exclusion in Builder's Risk Policies?

• Strikes, wars

• Court orders

• Natural disasters

• Equipment

Under Equipment Floater policies, which of the following is NOT a type of loss value?

• Replacement value

• Book value

• Pre-agreed value

• Market value

What is the basis for calculating the premium in Equipment Floater policies?

• Percentage of market value

• Percentage of replacement value

• Percentage of book value

• Fixed rate

What does Subcontractor Default Insurance (SDI) provide coverage for?

• Economic loss incurred by a subcontractor due to contractor's or owner's default

• Economic loss incurred by a general contractor or construction manager due to a subcontractor's default

• Personal injury claims on construction sites

• Theft of construction materials

Which types of costs are included in the coverage provided by Subcontractor Default Insurance (SDI)?

• Only direct costs

• Only indirect costs

• Both direct and indirect costs

• Neither direct nor indirect costs