Liability InsurancePublic liability and Product liability
Builder's risk insurance is a special type of property insurance which indemnifies against damage to buildings while they are under construction. Builder's risk insurance is coverage that protects a person's or organization's insurable interest in materials, fixtures and/or equipment being used in the construction or renovation of a building or structure should those items sustain physical loss or damage from a covered cause.
Benefit of insurance and Scope of cover:
In case of claim under the coverage of the policy, BIC will:
- Defend in the name of and on behalf of the Insured any suit against the Insured alleging such Personal Injury, Property Damage and seeking damages on account thereof even if such suit is groundless, false or fraudulent, and BIC may make such investigation, negotiation and settlement of any claim or suit as BIC may deem expedient
- Pay all expenses incurred by BIC, all costs taxed or awarded against the Insured in any suit and all interest accruing after entry of judgement until BIC has paid, tendered or deposited in court such part of such judgment as does not exceed the limit of BIC' s liability as specified in the Schedule.
- Reimburse the Insured for all reasonable expenses, other than loss of earnings, incurred with the consent of BIC
Benefit of insurance and Scope of cover:
In case of claim under the coverage of the policy, BIC will:
- Defend in the name of and on behalf of the Insured any suit against the Insured alleging such Personal Injury, Property Damage and seeking damages on account thereof even if such suit is groundless, false or fraudulent, and BIC may make such investigation, negotiation and settlement of any claim or suit as BIC may deem expedient
- Pay all expenses incurred by BIC, all costs taxed or awarded against the Insured in any suit and all interest accruing after entry of judgement until BIC has paid, tendered or deposited in court such part of such judgment as does not exceed the limit of BIC' s liability as specified in the Schedule.
- Reimburse the Insured for all reasonable expenses, other than loss of earnings, incurred with the consent of BIC