When Contractors Have CGL Policies, But No Coverage
You
insure a homebuilder. Several years after selling a home, it burns
down due to faulty installation of some electrical wiring and your
insured is sued. Does he have any coverage under the CGL policy
and, if so, under which one? Answer to both questions: It
depends.
"Once a product, always a product? We insure a
manufactured home dealership that sells homes and, on occasion,
will do light repair work on the homes they sold as well as on
homes other dealerships sold. My question is - would damage to a
home they sold always be denied as damage...
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It is estimated that between one-third and one-half of all
businesses have no business interruption insurance. Almost half of
businesses that experience a serious loss never reopen...over
one-fourth of those that do, close within 3 years. A major reason
that many businesses don’t survive a serious loss is the lack of
business interruption insurance or inadequate limits of
that...
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