As its name suggests, architects and engineers (A&E) liability coverage is a type of insurance policy designed to protect architects and engineers.

As its name suggests, architects and engineers (A&E) liability coverage is a type of insurance policy designed to protect architects and engineers. Although its name refers only to architects and engineers, A&E liability coverage can actually be purchased by a wide range of building professionals, such as electrical or structural engineers, construction managers, and surveyors. As its name suggests, architects and engineers (A&E) liability coverage is a type of insurance policy designed to protect architects and engineers. Although A&E liability coverage can go a long way toward controlling the risks of the building profession, there can be notable gaps in the coverage they provide. Architects and Engineers (A&E) liability coverage is a type of insurance product purchased by building design and construction companies.

Architects and Engineers (A&E) Liability Coverage

Bid deduct is a feature of an owner-controlled insurance program (OCIP) in which contractors' bids include workers comp and liability insurance.

Bid deduct refers to when contractors' bids for a project exclude the cost of providing workers' compensation, general liability, and excess liability insurance because insurance is already provided by the owner of the project through an owner-controlled insurance program (CIP). The project management company can reduce overall costs by providing its own insurance plan at an estimated price of $6,000 as opposed to hiring contractors that would have to buy their own insurance, including it in their bid for the project, in which it may amount to higher than $6,000. It also benefits the company running the project as purchasing insurance via an OCIP will usually end up costing less than hiring contractors that have to purchase their own insurance, including the insurance cost in their bids. In an OCIP, the project management company requires the contractor to follow a bid deduct methodology, in which the costs of providing the insurance coverage are deducted from the bid that the contractor makes for the project.

Bid Deduct

A certificate of insurance (COI) is a non-negotiable document issued by an insurance company or broker verifying the existence of an insurance policy.

A certificate of insurance (COI) is issued by an insurance company or broker. A certificate of insurance (COI) is issued by an insurance company or broker and verifies the existence of an insurance policy. The address of the issuing insurance company is listed, along with contact information for the insurance agent or the insurance agency’s contact person. For example, a standard COI lists the policyholder's name, policy effective date, the type of coverage, policy limits, and other important details of the policy. Because many companies and individuals hire contractors, the client needs to know that a business owner or contractor has liability insurance so that they will not assume any risk if the contractor is responsible for damage, injury, or substandard work.

Certificate of Insurance (COI)

Channeling is a commercial insurance policy, which insures employees and affiliated personnel under one policy.

Channeling is a commercial insurance policy that insures employees and affiliated personnel under one policy, rather than requiring them to each have their own policy. In contrast to negligence or a fault-based tort system, a pure no-fault system would compensate patients for any injury caused by medical care, regardless of whether it was caused by physician negligence or it was just an unavoidable risk inherent with their required care. Channeling is most commonly associated with hospitals and medical facilities, which insure their doctors and medical staff under a general liability policy. Companies may choose to purchase a master channeling policy in order to ensure that both the hospital and its staff have a common legal defense against the claim suit, which can reduce the risk of an adversarial relationship developing. Physicians, nurses, and the medical staff working at a hospital stand the risk of one day being named in a lawsuit, such as a medical malpractice lawsuit.

Channeling

Chaplain malpractice insurance is liability insurance that provides coverage for chaplains, priests, and other clergy members.

All About Professional Liability Insurance Coverage for Your Church

Malpractice Insurance FOR INDIVIDUAL PROVIDERS

Table of Contents
What Is Chaplain Insurance? **Medical Payments Coverage:** This applies a limit of $100,000 for medical payments to congregants injured in a priest or clergy member's premises.
**Emergency Aid Coverage:** Individuals are reimbursed for medical supplies up to $15,000 and for lost earnings up to $100 due to the provision of volunteer emergency treatment or services.
**Fire Legal Liability Coverage:** This provides a liability limit of $150,000 for fire damage to third-party property.
**Premises Liability:** Coverage extends to bodily injury and/or property damage of a clergy member's primary office locations(s) with no additional cost. Chaplain malpractice insurance provides similar coverage to counseling liability insurance purchased by therapists, psychologists, social workers, and other professionals who provide counseling services as part of their regular job duties. Chaplain malpractice insurance is also called pastoral insurance, church insurance, or priest malpractice insurance. Because the threat of malpractice lawsuits from counseling services may be relatively limited in frequency, not all clergy members may be aware that they are exposed to the same risk of malpractice lawsuits that other non-clergy professionals face.

Chaplain Malpractice Insurance

A counseling liability refers to any legal liability arising from the provision of counseling services.

The term “counseling liability” refers to legal liabilities arising from the provision of counseling services. However, unlike general liability coverage, professional liability insurance specifically protects against claims arising out of professional practices such as negligence, malpractice, or misrepresentation. To protect against this risk, professional counselors can purchase professional liability insurance. Since even a spurious claim of financial mismanagement can lead to a multi-million dollar lawsuit, financial professionals often take professional liability policies to defray these legal costs. To protect against it, professionals often take out professional liability or errors and omissions insurance policies.

Counseling Liability

Indemnity insurance is an agreement wherein one party guarantees compensation for losses or damages incurred by another.

The term indemnity insurance refers to an insurance policy that compensates an insured party for certain unexpected damages or losses up to a certain limit—usually the amount of the loss itself. Typical examples of indemnity insurance include professional insurance policies like malpractice insurance and errors and omissions insurance (E&O). Also referred to as professional liability insurance, indemnity insurance is nothing like general liability or other forms of commercial liability insurance that protect businesses against claims of bodily harm or property damage. Indemnity insurance is a type of insurance policy where the insurance company guarantees compensation for losses or damages sustained by a policyholder. Certain professionals must carry indemnity insurance including those involved in financial and legal services, such as financial advisors, insurance agents, accountants, mortgage brokers, and attorneys.

Indemnity Insurance

Joint and several liability is legal lingo for a responsibility that is shared by multiple parties. A wronged party may sue any or all of them.

Joint and several liability is a legal term for a responsibility that is shared by two or more parties to a lawsuit. Joint and several liability differs in law from comparative fault, in which multiple parties are assigned responsibility for a portion of the damages in relation to the degree of fault that they bear for the harm. Joint and several liability favors the plaintiff suing for damages because it empowers him or her to pursue full payment, if necessary, from the party with the deepest pockets if the others named cannot pay. In law, joint and several liability makes all parties in a suit responsible for damages up to the entire amount awarded. As noted, joint and several liability tends to benefit the plaintiff, as it increases the chances that all of the damages awarded can be collected.

Joint and Several Liability

Liability insurance provides the insured party with protection against claims resulting from injuries and damage to people and/or property.

The term liability insurance refers to an insurance product that provides an insured party with protection against claims resulting from injuries and damage to other people or property. Here are the main types of liability insurance:
Employer’s liability and workers' compensation is mandatory coverage for employers which protects the business against liabilities arising from injuries or the death of an employee.
Product liability insurance is for businesses that manufacture products for sale on the general market. Personal liability insurance policies are purchased primarily by high-net-worth individuals (HNWIs) or those with sizeable assets, but this type of coverage is recommended to anyone with a net worth that exceeds the combined coverage limits of other personal insurance policies, such as home and auto coverage. Commercial liability insurance is a standard commercial general liability policy also known as comprehensive general liability insurance. The term liability insurance refers to an insurance product that provides an insured party with protection against claims resulting from injuries and damage to other people or property.

Liability Insurance

Title insurance protects lenders and homebuyers from financial loss due to defects in a property title, such as outstanding lawsuits and liens.

Title Search: What It Is and How It Works

What Is Title Insurance and Do I Need It?

Table of Contents
What Is Title Insurance? A basic owner's title insurance policy typically covers the following hazards:
Ownership by another party
Incorrect signatures on documents, as well as forgery and fraud
Flawed records
Restrictive covenants (terms that reduce value or enjoyment), such as unrecorded easements
Encumbrances or judgments against property, such as outstanding lawsuits and liens
In lieu of title insurance, some private transactions can involve a warranty of title, which is a guarantee by a seller to a buyer that the seller has the right to transfer ownership and no one else has rights to the property.
There are two types of title insurance: lender's title insurance and owner's title insurance (including extended policies). There are two types of title insurance: lender's title insurance and owner's title insurance (including extended policies). Almost all lenders require the borrower to purchase a lender's title insurance policy to protect the lender in the event the seller was not legally able to transfer the title of ownership rights. Almost all lenders require the borrower to purchase a lender's title insurance policy to protect the lender in the event the seller was not legally able to transfer the title of ownership rights.

Title Insurance

An umbrella personal liability policy provides extra protection in the event that a lawsuit exceeds the basic level of coverage in a standard policy.

An umbrella personal liability policy is extra liability coverage which goes beyond the limits of the insured’s home, auto or other liability coverage. An umbrella personal liability policy is extra liability coverage which goes beyond the limits of the insured’s home, auto or other liability coverage. An umbrella policy provides broad coverage, meaning that some claims which would not be covered by a standard policy may have coverage under the umbrella policy. Before an individual can add umbrella personal liability to an existing policy, it must contain minimum levels of liability specified by the insurance company. Depending on the provider, the policyholder wanting to add umbrella coverage is required to have a base level of $150,000 to $250,000 for auto insurance and $250,000 to $300,000 for homeowners insurance.

Umbrella Personal Liability Policy

A unilateral extended reporting period provision allows the insured to extend the coverage period if the insurer decides to cancel or not renew the policy.

A unilateral extended reporting period provision is an insurance contract provision that allows the insured to extend the period of time in which coverage is provided in the case that the insurer decides to cancel or not renew the insurance contract. Unilateral extended reporting period provisions are less desirable than bilateral reporting period provisions because coverage can only be extended if the insurer is the party to end the insurance contract. A unilateral extended reporting period provision is an insurance contract provision that allows the insured to extend the period of time in which coverage is provided in the case that the insurer decides to cancel or not renew the insurance contract. A unilateral extended report period provision allows the insured or insurer to extend the coverage time period for a claims-made insurance contract, if it is not renewed or canceled or is changed to another type of policy. If both the insurer and the insured have the option of adding basic extended reporting period coverage, it is referred to as a two-way tail or bilateral extended provision.

Unilateral Extended Reporting Period Provision

The War Damage Corporation was a government program created during World War II to provide coverage for property damages related to war.

The United States Government Manual, 2012

Congressional Globe, Senate, 42nd Congress, 2nd Session

The War Damage Corporation was an initiative launched by the United States government during World War II. Officially, created through the War Damage Insurance Act of 1941, it was first known as the War Insurance Corporation then was renamed the War Damage Corporation in 1942.﻿﻿ Understandably, many Americans of that time were concerned that the ongoing war could potentially lead to significant physical damage in the United States. In his own words, Grant described damages to private property due to war as a “matter of bounty rather than of strict legal right.”
Although the War Damage Corporation no longer exists, it has nevertheless had a lasting impact on the American insurance industry. The War Damage Corporation was a government program launched during World War II to help insure against losses resulting from war efforts. Prior to World War II, the U.S. government did not consider individuals automatically entitled to compensation for war-related damage to their private property.

War Damage Corporation

A warehouser's liability form is a document that describes the obligations of a storage facility toward its customers.

A warehouser’s liability form is a document that describes the obligations of a storage facility toward its customers. Because warehousers are held responsible for goods in their possession, it’s in the warehouser’s interest to clearly establish with a customer its rights and obligations before taking possession of a piece of property, with the help of documents like a warehouser’s liability form. Once the owner removes their goods from the warehouse and signs a warehouse storage receipt and release of liability, the warehouse owner or operator is no longer responsible for the goods. Because warehousers are held responsible for goods in their possession, it’s in the warehouser’s interest to clearly establish with a customer its rights and obligations before taking possession of a piece of property. Thus, the warehouser's liability insurance exists to protect owners and operators against the costs of legal defense, damage awards, and other expenses related to a damage claim.

Liability Insurance

More in Personal Finance

Terms in Liability Insurance

Architects and Engineers (A&E) Liability Coverage

Bid Deduct

Certificate of Insurance (COI)

Channeling

Chaplain Malpractice Insurance

Counseling Liability

Indemnity Insurance

Joint and Several Liability

Liability Insurance

Title Insurance