GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW) | ||||||
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13:42 Jun 29, 2006 |
Swedish to English translations [PRO] Bus/Financial - Insurance | |||||||
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| Selected response from: Neil Crockford Local time: 21:44 | ||||||
Grading comment
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Summary of answers provided | ||||
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4 | Additional expenses insurance |
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2 | cost overrun/cost cap/excess insurance |
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cost overrun/cost cap/excess insurance Explanation: There's a whole bunch of insurances that might fit; it depends on the context and type of insurance: Cost overrun insurances addresses exceeding estimated costs. cf: (This is from a contract, therefore the definition of COI defines how this term is used in this contract) (b) "Cost overrun insurance" means insurance that covers some, or all of the response costs caused by a known pollution condition at a site, that exceed the estimated response action costs that have been accepted and approved by the insurer, based on information from the department and other relevant sources at the time the insurance is first obtained. (1) Cost overrun insurance shall, at a minimum, provide for all of the following: (A) The response costs in excess of the estimated response action costs that have been accepted and approved by the insurer. http://law.onecle.com/california/health/25395.40.html Remediation cost overrun insurance does not guarantee the performance of the remediation technology; rather, it insures against exceeding the estimated cost of the remedial action. http://www.brownfieldstsc.org/pdfs/InsuranceLiab.pdf Other options are: Stop Loss Insurance / Excess Insurance This type of insurance addresses the amount of losses/damages. cf: excess insurance Definition Insurance which applies to that portion of a loss or damage which exceeds a specified amount. http://www.investorwords.com/1793/excess_insurance.html Excess insurance coverage Excess Insurance provides an additional layer of insurance protection should your defence and indemnity payments exceed the $1 million per claim/$2 million in the aggregate limits provided by the primary LAWPRO insurance program. http://www.lawpro.ca/insurance/increasing_coverage_excess.as... Then there's Cost Cap Insurance: cf: Cost Cap Insurance This product has been available for several years and operates to cap the remediation expense at a negotiated sum with an insurance layer over the negotiated cap. Cost cap insurance may be used to reduce uncertainty at the beginning of a project, thereby enticing a party to initiate a transaction and a remediation. Its success relies upon a thorough site investigation and the establishment of cleanup levels, which allows total cost to be predicted. Cost cap insurance can keep a project from faltering in the event of cost overruns or unforeseen conditions. http://www.dnr.mo.gov/pubs/pub2114.pdf |
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Additional expenses insurance Explanation: Or if it relates to a business interruption policy, "increased cost of working" |
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