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CM 4211 Exam Study Guide | Questions Solved 100% Correct | Verified Solutions
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CM 4211 Exam Study Guide | Questions Solved 100% Correct | Verified Solutions
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CM 4211 Exam Study Guide | Questions Solved 100%Correct | Verified Solutions
•What is t
performance bond - ✔✔contract will be performed, owner will receive its structure built
payment bond - ✔✔gaurantees payment for labor and material
Miller Act performance Bond - ✔✔100% of contract amount
Bond premiums - ✔✔payable in advance, delivered to owner the time contract is signed
"three C's" requirement for a bond? - ✔✔character, capital, capacity
bonding capacity - ✔✔max value of uncompleted work surety will allow to have at one time
5 steps in applying risk management - ✔✔1. Recognize and identify the various risks that
apply to the construction process
2. Measure the degree of exposure presented by the risks identified
3. Decide how to protect against those risks that have been identified
4. Conduct a company-wide program of loss control and prevention
5. Monitor the results
four of the kinds of insurance required by law? - ✔✔auto, workers-comp, unemployment,
social security
, coverage does a builder's risk policy provide? - ✔✔property coverage only, does not include
liability
"all-risk" builder's risk insurance - ✔✔covers the project property as well as temporary
structures at the job site.
two forms of premiums are available for builder's risk insurance and how do they differ? -
✔✔1.) Reporting form: establishes the insurable value of the structure and the face value of
this policy with periodic progress reports Premium is paid in monthly.
2.) Completed-value form: full amount of the project value Premium is paid as lump-sum in
advance.
Subrogation gives the insurance company what right? - ✔✔right of the insured to recover
from the party whose negligence caused the loss.
When is a builder's risk policy terminated? - ✔✔be canceled on a pro rata basis, When the
contract is silent.. contractor remains responsible until the owner has made formal acceptance.
equipment floater policy is available on what two bases? - ✔✔1.) Named-peril: policy
provides coverage only for equipment losses that are specifically named in the policy.
2.) All-risk: protects equipment against all losses except those specifically excluded.
commercial general liability insurance - ✔✔protects contractors against 3rd party liability
claims arising from the contractor's operations, independent contractor's operations,
completed operations, contractual liability, personal injury, and other certain hazards
"bodily injury" vs "personal injury?" - ✔✔• Bodily injury refers to physical injury to the body,
including shock, mental anguish, mental injury, sickness, disease, or death.
• Personal injury refers to intangible harm. (typ. Covered by CGL policy)
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