rectification coverage
Rectification coverage provides first-party insurance for the costs a contractor incurs in correcting a design defect that is discovered after the construction is put in place but before it actually results in a professional liability claim. Coverage is provided within some contractors' professional liability insurance policies.
rectification coverage
Rectification coverage provides first-party insurance for the costs a contractor incurs in correcting a design defect that is discovered after the construction is put in place but before it actually results in a professional liability claim. Coverage is provided within some contractors' professional liability insurance policies.
Additional Information
With rectification coverage in place, a contractor has the funding to correct the error and keep the project moving without having to file a claim against the design professional and establish negligence. Also referred to as "mitigation of damages" coverage in some forms.
Synonyms
mitigation of damages coverage
