Ibbs_Lectures 25_11 23 11 - CE 167 Lecture 25 Insurance,...

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CE 167 Lecture 25 Insurance, Bonds Professor William Ibbs 1
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Insurance (Bartholomew 8) Worker’s compensation and employer’s liability policies Experience Modification Factor Public (or 3rd party) liability policies (comprehensive liability insurance) Risk of loss or injury to 3rd parties Builder’s risk policies Risk of physical loss of work put in place prior to acceptance by the owner Consequential damages covered Named peril or all risk policy Equipment floater policies 2
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Owner Provided Insurance ‘Wrap-up’ insurance Owner buys everyone’s insurance Gains economies of scale Avoids ‘gap’ and ‘overlap’ issues Diminishes individual party’s incentives to control costs 4
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“Red Flag” Insurance Provisions Named exclusions Additional named insureds Deductibles Policy term Subrogation – entitles insurance company to recover money from party at fault Policy cancellations 5
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Surety Bonds (Bartholomew 9)
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This note was uploaded on 01/06/2012 for the course CIVIL AND 167 taught by Professor Ibbs during the Fall '11 term at University of California, Berkeley.

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Ibbs_Lectures 25_11 23 11 - CE 167 Lecture 25 Insurance,...

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