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Builder's Risk Insurance
Builder's risk insurance (Contractor's All Risk insurance – CAR insurance) is a 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." Necessity Buildings are subject to many different risks while under construction. They may catch fire, be damaged by high winds, or fall victim to other force majeure. A principle of common law is that any new construction or other improvement to land becomes property of the owner of the land – the title holder – once there has been an "improvement" to the owner's site. Builder's risk insurance indemnifies against some of these particular losses. Coverage Builder's risk covers perils such as fire, wind ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Property Insurance
Property insurance provides protection against most risks to property, such as fire, theft and some weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, or boiler insurance. Property is insured in two main ways—open perils and named perils. Open perils cover all the causes of loss not specifically excluded in the policy. Common exclusions on open peril policies include damage resulting from earthquakes, floods, nuclear incidents, acts of terrorism, and war. Named perils require the actual cause of loss to be listed in the policy for insurance to be provided. The more common named perils include such damage-causing events as fire, lightning, explosion, cyber-attack, and theft. History Property insurance can be traced to the Great Fire of London, which in 1666 devoured more than 13,000 houses. The devastating effects of the fire converted the development of insurance "from a matter of co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Renovation
Renovation (also called remodeling) is the process of improving broken, damaged, or outdated structures. Renovations are typically done on either commercial or residential buildings. Additionally, renovation can refer to making something new, or bringing something back to life and can apply in social contexts. For example, a community can be renovated if it is strengthened and revived. It can also be restoring something to a former better state (as by cleaning, repairing, or rebuilding). Renovation is very common in some places. For example, there are more than twenty thousand home improvement projects every year in Hong Kong, affecting more than a million residents (population of HK is around 7.5 million in 2023). Phases and process of renovations The building renovation process can usually, depending on the extents of the renovation, be broken down into several phases. The phases are as follow. *Project initiation - The beginning of the project that includes the hiring of c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Force Majeure
In contract law, force majeure ( ; ) is a common clause in contracts which essentially frees both parties from liability or obligation when an extraordinary event or circumstance beyond the control of the parties, such as a war, strike, riot, crime, epidemic, or sudden legal change prevents one or both parties from fulfilling their obligations under the contract. Force majeure often includes events described as an act of God, though such events remain legally distinct from the clause itself. In practice, most force majeure clauses do not entirely excuse a party's non-performance but suspend it for the duration of the force majeure.Supreme Court (of India) 1285 it was held that "An analysis of ruling on the subject shows that reference to the expression is made where the intention is to save the defaulting party from the consequences of anything over which he had no control." Even if a force majeure clause covers the relevant supervening event, the party unable to perform will ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Policies
Policy is a deliberate system of guidelines to guide decisions and achieve rational outcomes. A policy is a statement of intent and is implemented as a procedure or protocol. Policies are generally adopted by a governance body within an organization. Policies can assist in both ''subjective'' and ''objective'' decision making. Policies used in subjective decision-making usually assist senior management with decisions that must be based on the relative merits of a number of factors, and as a result, are often hard to test objectively, e.g. work–life balance policy. Moreover, governments and other institutions have policies in the form of laws, regulations, procedures, administrative actions, incentives and voluntary practices. Frequently, resource allocations mirror policy decisions. Policies intended to assist in objective decision-making are usually operational in nature and can be objectively tested, e.g. a password policy. The term may apply to government, public secto ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
University Of Colorado
The University of Colorado (CU) is a system of public universities in Colorado. It consists of four institutions: the University of Colorado Boulder, the University of Colorado Colorado Springs, the University of Colorado Denver, and the University of Colorado Anschutz Medical Campus. It is governed by the elected, nine-member board of regents. Campuses University of Colorado Boulder (CU Boulder) CU Boulder is the flagship university of the University of Colorado System in Boulder, Colorado. Founded in 1876, the university has more than 39,000 undergraduate and graduate students, making it the largest university in Colorado by enrollment. It offers more than 2,500 courses in more than 150 areas of study through its nine colleges and schools. University of Colorado Colorado Springs (UCCS) UCCS is the fastest growing of the three campuses with an undergraduate and graduate student population of about 12,000 students. It offers 45 bachelor's, 22 master's, and five doctor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Construction Documents
Construction are processes involved in delivering buildings, infrastructure, industrial facilities, and associated activities through to the end of their life. It typically starts with planning, financing, and design that continues until the asset is built and ready for use. Construction also covers repairs and maintenance work, any works to expand, extend and improve the asset, and its eventual demolition, dismantling or decommissioning. The construction industry contributes significantly to many countries' gross domestic products (GDP). Global expenditure on construction activities was about $4 trillion in 2012. In 2022, expenditure on the construction industry exceeded $11 trillion a year, equivalent to about 13 percent of global GDP. This spending was forecasted to rise to around $14.8 trillion in 2030. The construction industry promotes economic development and brings many non-monetary benefits to many countries, but it is one of the most hazardous industries. For exampl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
