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Owner-controlled Insurance Program
An owner controlled insurance program ''(OCIP)'' is an insurance policy held by a property owner during the construction or renovation of a property, which is typically designed to cover virtually all Liability insurance, liability and loss arising from the construction project (subject to the usual exclusions). Although an OCIP may be set up in a variety of ways, a policy package usually contains, at a minimum, commercial general liability insurance, Commercial General Liability (CGL), excess liability insurance, workers' compensation (WC) and Employers Liability, employers' liability (for regular civil actions arising from WC injuries). Depending on the project, there may be endorsements providing additional coverage such as Contractors Pollution Liability (CPL), Builder's risk insurance, Builders Risk Insurance, terrorism insurance and umbrella insurance. OCIPs are also frequently referred to as "wrap-up insurance" or "wrap policies" in the insurance industry. The tradition ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insurance
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. The insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in the form of a payment to the insurer (a premium) in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms. Furthermore, it usually involves something in which the insured has an insurable interest established by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
State University System
A state university system in the United States is a group of public universities supported by an individual state, territory or federal district. These systems constitute the majority of public-funded universities in the country. State university systems should not be confused with federally funded colleges and universities, at which attendance is limited to military personnel and government employees. Members of foreign militaries and governments also attend some schools. These schools include the United States service academies, Naval Postgraduate School, and military staff colleges. A ''state university system'' normally means a single legal entity and administration, but may consist of several institutions, each with its own identity as a university. Some states—such as California and Texas—support more than one such system. State universities get subsidies from their states. The amount of the subsidy varies from university to university and state to state, but the e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commercial General Liability Insurance
Commercial general liability insurance is a broad type of insurance policy which provides liability insurance for general business risks. Commercial General Liability (CGL) is the specific name for a policy of this type in the United States insurance market. It is the "first line" of coverage that a business typically purchases, and covers many of the common risks that can happen to any type of business, such as bodily injury or property damage on the business premises or due to the business operations, personal and advertising injury, and medical payments. As with other types of liability insurance, CGL insurance normally imposes on issuing insurers duties both to defend and to indemnify insureds with respect to covered claims. CGL insurance is generally categorized as an "all-risks" type of insurance, under which it provides coverage for risks unless specifically excluded. Specific risks that are normally excluded from CGL coverage include professional services, pollution Pol ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Moral Hazard
In economics, a moral hazard is a situation where an economic actor has an incentive to increase its exposure to risk because it does not bear the full costs of that risk. For example, when a corporation is insured, it may take on higher risk knowing that its insurance will pay the associated costs. A moral hazard may occur where the actions of the risk-taking party change to the detriment of the cost-bearing party after a financial transaction has taken place. Moral hazard can occur under a type of information asymmetry where the risk-taking party to a transaction knows more about its intentions than the party paying the consequences of the risk and has a tendency or incentive to take on too much risk from the perspective of the party with less information. One example is a principal–agent problem, where one party, called an agent, acts on behalf of another party, called the principal. If the agent has more information about his or her actions or intentions than the princi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Broker
A broker is a person or firm who arranges transactions between a buyer and a seller for a commission when the deal is executed. A broker who also acts as a seller or as a buyer becomes a principal party to the deal. Neither role should be confused with that of an agent—one who acts on behalf of a principal party in a deal. Definition A broker is an independent party whose services are used extensively in some industries. A broker's prime responsibility is to bring sellers and buyers together and thus a broker is the third-person facilitator between a buyer and a seller. An example would be a real estate or stock broker who facilitates the sale of a property. Brokers can furnish market research and market data. Brokers may represent either the seller or the buyer but generally not both at the same time. Brokers are expected to have the tools and resources to reach the largest possible base of buyers and sellers. They then screen these potential buyers or sellers for the perf ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Additional Insured
In insurance policies, an additional insured is a person or organization who enjoys the benefits of being insured under an insurance policy, in addition to whoever originally purchased the insurance policy. The term generally applies within liability insurance and property insurance, but is an element of other policies as well. Most often it applies where the original named insured needs to provide insurance coverage to additional parties so that they enjoy protection from a new risk that arises out of the original named insured's conduct or operations. An additional insured often gains this status by means of an endorsement added to the policy which either identifies the additional party by name or by a general description contained in a "blanket additional insured endorsement". For instance, in vehicle insurance a typical Personal Auto Policy with additional insured provisions will cover not only the original named insured that purchased the auto policy, but will also cover additi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Underwriting
Underwriting (UW) services are provided by some large financial institutions, such as banks, insurance companies and investment houses, whereby they guarantee payment in case of damage or financial loss and accept the financial risk for liability arising from such guarantee. An underwriting arrangement may be created in a number of situations including insurance, issues of security in a public offering, and bank lending, among others. The person or institution that agrees to sell a minimum number of securities of the company for commission is called the underwriter. History The term "underwriting" derives from the Lloyd's of London insurance market. Financial backers (or risk takers), who would accept some of the risk on a given venture (historically a sea voyage with associated risks of shipwreck) in exchange for a premium, would literally write their names under the risk information that was written on a Lloyd's slip created for this purpose. Securities underwriting In th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Property Owner
In property law, title is an intangible construct representing a bundle of rights in (to) a piece of property in which a party may own either a legal interest or equitable interest. The rights in the bundle may be separated and held by different parties. It may also refer to a formal document, such as a deed, that serves as evidence of ownership. Conveyance of the document (transfer of title to the property) may be required in order to transfer ownership in the property to another person. Title is distinct from possession, a right that often accompanies ownership but is not necessarily sufficient to prove it (for example squatting). In many cases, possession and title may each be transferred independently of the other. For real property, land registration and recording provide public notice of ownership information. In United States law, evidence of title is typically established through title reports written up by title insurance companies, which show the history of title ( p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Project Owner
In project management, an executive or project executive is a person who has ultimate responsibility for a project, and is a role defined in the recognized project management framework PRINCE2. It is appointed by the customer during the start of the project and usually comes from the customer. The project executive is supported by the roles of senior user on the customer side and senior supplier on the supplier side, respectively. The tasks of the project executive involve securing funding, being responsible for the project delivering a product that achieves the goals that were set, and that this happens in a cost-conscious manner. The project executive is the main decision maker, and designs and appoints the rest of the project management team, including the other members of the project board and the project management team ( project manager, team leader(s)/sub-project manager(s), project assurance and project support). The person must balance the requirements of the customer, th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
School District
A school district is a special-purpose district that operates local public primary and secondary schools in various nations. North America United States In the U.S, most K–12 public schools function as units of local school districts, which usually operate several schools, and the largest urban and suburban districts operate hundreds of schools. While practice varies significantly by state (and in some cases, within a state), most American school districts operate as independent local governmental units under a grant of authority and within geographic limits created by state law. The executive and legislative power over locally controlled policies and operations of an independent school district are, in most cases, held by a school district's board of education. Depending on state law, members of a local board of education (often referred to informally as a school board) may be elected, appointed by a political office holder, serve ex officio, or a combination of any of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Liability Insurance
Liability insurance (also called third-party insurance) is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy. Originally, individual companies that faced a common ''peril'' formed a group and created a self-help fund out of which to pay compensation should any member incur loss (in other words, a mutual insurance arrangement). The modern system relies on dedicated carriers, usually for-profit, to offer protection against specified perils in consideration of a premium. Liability insurance is designed to offer specific protection against third-party insurance claims, i.e., payment is not typically made to the insured, but rather to someone suffering loss who is not a party to the insurance contract. In general, damage caused intentionally as well as con ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
