Construction compliance terminology explained simply.
The standard certificate of liability insurance form used to verify a subcontractor's insurance coverage.
A party added to an insurance policy who is covered under the named insured's policy.
A document proving that a party holds valid insurance coverage with specified limits and endorsements.
A lien waiver that only becomes effective once payment is actually received by the claimant.
Insurance covering bodily injury, property damage, and personal/advertising injury claims arising from business operations.
A legal claim against a property by a contractor or supplier who has not been paid for work performed or materials supplied.
A percentage of each progress payment withheld by the owner or GC until project completion.
A detailed breakdown of contract value by work item, used as the basis for progress billing.
The point at which a project is sufficiently complete that the owner can occupy or use it for its intended purpose.
A lien waiver that takes effect immediately upon signing, regardless of whether payment has been received.
An endorsement that prevents an insurer from seeking reimbursement from a third party responsible for a loss.
Insurance covering employee injuries and illnesses that occur during the course of employment.