contractors must carry insurance to protect the business assets and because it is often required by...

contractors must carry insurance to protect the business assets and because it is often required by the contract documents. Which statement is false Insurance is the same as bond Builders risk insurance can be extended to all direct loss causes. design build contractors should carry error and omissions insurance An umbrella insurance policy is often used to raise the limits of all other policies because it is cheaper

Expert Solution

Ans:

As the bond builders risk insurance covers direct losses such material , assets etc. but insurance may covers direct or indirect losses based on type of insurance.
Generally all professionals such as engineers , architects and contractors should take error and Omission insurance to cover negligence performance and any technical errors etc.
Yes ,Umbrella Insurance police is extra liability insurance . For example if the damage goes beyond the limits this will pay additional pickups and it also cheaper.

Ally Wells answered 2 years ago

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