PIKE Insurance Service has collected a list of Insurance Terms Definitions to help Contrators fully understand what they're getting themselves into when choosing an Insurance Carrier. The list is several pages, so PIKE listed each page of definitions, alphabetically. Use the navigation system to the right and browse the list of definitions by name or click through each page using the "NEXT PAGE " button at the top each page.
Not sure where to start or what questions to ask? Let one of PIKE's Customer Service Reps. help you. PIKE is here to assist you with:
Many contracts, including lease agreements, contain provisions for one party to waive its rights of recovery against another. Such provisions are commonly known as "waivers of subrogation."
A liability coverage specialty focused on contracting risks, at-tempting to manage in a single contract the broad interplay of exposures and interests among owners, general contractors, and subcontractors.
What does "This Insurance is Primary and Non-Contributory" really mean?
This statement may be required by a General Contractor or Developer to achieve the assurance that the policy you are providing is primary. Sometimes, the agreement broadens this definition and will require that your policy be primary and noncontributory with any other insurance coverage that the General Contractor or Developer has. The intent here is clear; the General Contractor or Developer is attempting to make your insurance pay entirely for any claim, whether it is the fault of the facility or not. This significantly increases your risk of a claim and many insurance companies will not agree to such wording. An extra premium for the increased risk is typically charged.