Define: Completed Operations Insurance

Completed operations insurance is a type of liability insurance that provides coverage for claims arising from completed work or services. It protects businesses from potential lawsuits or damages that may occur after the completion of a project or service.

Any business or professional that provides services or completes projects should consider obtaining completed operations insurance. This includes contractors, construction companies, architects, engineers, and other service-based businesses.

Completed operations insurance typically covers claims related to property damage or bodily injury that occurs after the completion of a project or service. It may also cover legal defence costs and settlements or judgments resulting from such claims.

Completed operations insurance is often included as part of a general liability insurance policy. However, it is important to review the policy terms and conditions to ensure that completed operations coverage is specifically included.

The duration of completed operations insurance coverage depends on the policy terms and conditions. It typically extends for a certain period after the completion of the project or service, such as one to five years. It is important to check the policy for any specific limitations or exclusions.

Yes, completed operations insurance can be purchased as a standalone policy or as an endorsement to a general liability insurance policy. It is advisable to consult with an insurance professional to determine the most appropriate coverage for your business needs.

Exclusions may vary depending on the insurance policy, but common exclusions include intentional acts, contractual liability, and professional errors or omissions. It is important to carefully review the policy terms and conditions to understand the specific exclusions that may apply.

The cost of completed operations insurance varies depending on factors such as the nature of the business, the size of the projects or services provided, and the coverage limits desired. It is recommended to obtain quotes from multiple insurance providers to compare costs and coverage options.

Completed operations insurance can be canceled or modified, but it is subject to the terms and conditions of the insurance policy. It is important to notify the insurance provider in advance and follow any cancellation or modification procedures outlined in the policy.