Home > Glossary

All Risks Difference In Conditions

All Risks, Difference-in-Conditions

Definition

A policy maintained by a general contractor (or subcontractor) to fill coverage gaps created by a project owner's (or general contractor's) maintenance of its own builders risk program. Often the owner (or general contractor) will purchase builders risk insurance on a particular project that is not as broad as the coverage that the general contractor (or subcontractor) ordinarily purchases, or that has a much higher deductible than the general contractor (or subcontractor) ordinarily purchases. In such cases, the general contractor (or subcontractor) can purchase a builders risk difference-in-conditions (DIC) policy that covers any loss excluded or under the deductible of the owner's or general contractor's program—subject to the exclusions and deductible in the DIC policy.

Related Terms

Related Products

Navigation

Social Media

User ID: Subscriber Status:Free