What are completed operations?

Completed Operations — under a general liability policy, work of the insured that has been completed as called for in a contract, or work completed at a single job site under a contract involving multiple job sites, or work that has been put to its intended use.

Is your work same as completed operations?

The difference between completed operations insurance and other insurance is that completed operations insurance strictly covers liability arising from work you have already completed, rather than work that is in process. This policy covers: Damage your completed faulty work causes to others’ property.

What is ongoing and completed operations?

Let’s go back to basics, the dictionary defines “ongoing” as “still in process” and “continuing”. Operations that are “ongoing” refer to work not yet completed. On the other hand, “completed operations” refers to work that has been finished on the job site.

What is covered under products and completed operations?

What Is Products-Completed Operations Coverage? Products-Completed Operations Coverage helps cover liability claims resulting from your business’ product or completed operations that were done away from your location. It can help cover claims that your business caused bodily injury or property damage.

What is extended completed operations?

The extended completed operations coverage is a non-standard endorsement that states the general contractor’s completed operations coverage will continue beyond the policy expiration and continue for 10 years after substantial completion of the construction project.

Does your work include ongoing operations?

‘” The “your work” refers to the work of the named insured – that is, the contractor. “Your work” includes the contractor’s ongoing operations and completed operations. After 1985, the entity being added as an additional insured using the CG 20 10 was only an insured “with respect to liability …

What is a completed operations policy?

Products-completed operations is a form of insurance coverage that protects you from customer lawsuits alleging property damage or injury due to your product or completed service.

What is a completed operation in insurance?

Completed operations liability insurance provides contractor`s coverage for bodily injury or property damage to third parties as a result of their completed or abandoned operations when an accident happens away from the contractors owned or rented premises.

What is extended completed operations coverage?

What is a completed operations exclusion?

If the Products and Completed Operations Exclusion appears on your General Liability policy, you would not have coverage for any bodily injury or property damage arising after the job is completed and accepted by the owner or purchaser.

What completed operations hazard?

Completed Operations Hazard means “bodily injury” or “property damage” arising out of operations, but only if the “bodily injury” or “property damage” occurs after such operations have been completed or abandoned and occurs away from premises owned by or rented to the Insured.

How long does products-completed operations coverage last?

Only Products-Completed Operations Coverage Is Provided The OCIP usually includes extended completed operations,6 providing only completed operations coverage for an additional period beyond the policy expiration date (usually 36 to 120 months, depending on several factors, including the applicable statute of repose).