The engineering industry deals with complex projects, requiring specialized insurance solutions. The London Engineering Group (LEG) Insurance Rules offer a standardized approach to this need. What are LEG Rules? Developed by the London insurance market,…
In construction contracts, encountering the term “USM damage cap” might raise questions. This post clarifies the concept and corrects a common misconception. USM Explained (Incorrect Definition): The text defines USM as “unlimited supply of materials.”…
Construction projects and machinery are significant investments. Protecting them requires specialized insurance. This blog post explores CAR and MB insurance, focusing on a key concept – USM damage caps. CAR and MB Insurance: Protecting Your…
Construction and industrial projects rely heavily on equipment and machinery. Protecting these assets requires specialized insurance solutions. Let’s explore Engineering All Risks (EAR) and Machinery Breakdown (MB) insurance and a key element – London Market…
Cyberattacks are a growing threat, and businesses of all sizes are vulnerable. Cyber liability insurance acts as a digital shield, protecting your company from financial losses in the event of a cyber incident. What Does…
Imagine accidentally damaging someone’s property or facing a lawsuit for negligence. Liability insurance comes to the rescue! It safeguards you financially if held responsible for causing injury or property damage to others. What Does Liability…
In the realm of insurance, the concept of indemnity is fundamental. It ensures that policyholders are protected financially in the event of a loss, without allowing for profit. Let’s delve into the specifics of how…
The principle of utmost good faith necessitates complete disclosure of all material facts by the insured to the insurer. Ongoing Responsibility: This duty of disclosure applies throughout the insurance relationship, not just at the initial…
Utmost good faith emphasizes honesty and fairness throughout the insurance relationship. Both the insurer and the insured have responsibilities: Duty of Disclosure: Fairness and Financial Protection: Building Trust: Utmost good faith fosters trust and a…
