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joint venture JV

A joint venture is 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.

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Additional Information

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.