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Joint Venture

Joint Venture


Joint Venture — a business relationship in which two or more persons combine their labor or property for a single undertaking and share profits and losses equally, or as otherwise agreed. General liability policies normally do not cover liability arising from joint ventures unless they are scheduled as an insured. A manuscript endorsement can sometimes be added to handle this exposure. Otherwise, specific coverage arrangements must be made whenever the insured becomes involved in a joint venture.

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