A provision in insurance policies, which stipulates that if the repair or replacement of the damaged property results in better than “like kind or quality,” the insurers will not pay for this net improvement. This clause is designed to preserve the concept...
A surety bond used in conjunction with construction bidding processes. The bond acts as a guarantee that, if awarded the contract based on the bid submitted, the contractor will enter into a contract to perform the work at the price quoted. If the contractor declines...
A legal agreement of temporary insurance contract that provides proof of coverage until you receive a permanent policy. Binders contain policy time limits, and should clearly state the insurer with which the risk is bound (insured by). Binders also indicate the amount...
Coverage in the case of employee: theft of money, securities, or property, written with a per loss limit rather than a per employee or per position limit.
