Course of construction insurance
A type of insurance policy that financially protects parties on a construction project from repair and replacement costs for unforeseen events (such as accidents, fire, flooding, theft, and so on).
CCI covers buildings and structures under construction against damage from fire, theft, vandalism, and other risks. It provides financial protection to owners and contractors during the construction phase, ensuring that unforeseen events do not derail the project's progress or financial stability. Typically purchased by an owner, construction manager, or general contractor, coverage is agreement-specific but is typically effective during construction and for a period of time after completion.
Used in a sentence
Course of construction insurance protects against risks during the building phase.
Synonyms/variation
Contractor's All Risk Insurance
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