Types of Insurance
Protects a business from injury and property damage
What is General Liability Insurance?
Project scheduling that points out tasks necessary for the project and establishes dependencies and time frames. Complicated, for large projects
What is Critical Path Method?
Any project delivery method that contractually engages all participants in the project together (architect, owner, contractor) from the beginning & everyone works together
What is Integrated Project Delivery?
Stockholders, directors and officers are all typically licensed, taxes paid by stockholders
What is Professional Corporation?
Going to court
What is Litigation?
Protects business from errors and omissions, professional malpractice
What is Professional Liability Insurance?
Short-duration projects, few tasks, establish project milestones
What is Milestone Chart?
The owner contracts with one entity (a person or firm) to provide both design and construction services, that entity then subcontracts portions of the work to others as needed
What is Design Build?
One person or more than one who are all licensed, acting as managers and memebers, personal assets protected, taxed not through personal income but through the company, form through Sec. of state
What is Professional LLC?
A third party comes and listens and makes sure people have their turns to talk, typically has expertise and analyzes the information to provide relevant help to the situation but does not decide the solution.
What is Mediation?
Coverage protects companies for copyright, trademark, or patent infringement claims arising out of the company's operation
What is Intellectual Property Insurance?
Tasks that are identified by the time it takes and overlap of assignments. Most often used, simple.
What is Gantt/Bar chart?
The owner has two separate contracts with an architect and contractor. Architect designs the project, project is sent to bid, and then the contractor who wins the bid constructs the project
What is Design Bid Build?
Less than 100 US ONLY stockholders, directors and officers, personal assets are protected, stockholders are double taxes
What is S corporation?
Parities voluntarily submit their case for dispute through a third party (chosen by the parties) that is not biased and not a court system that will choose a resolution after hearing both sides
What is Arbitration?
Covering wage replacement and medical benefits to employees who were injured on the job
What is Worker's Compensation?
Chart of tasks and who is assigned them, good for medium to large scale
What is Wall Schedule?
Owner typically chooses a contractor or consultants before a project starts and overhead and profit are established at this time
What is Negotiated Select Team?
Partners, protected personal assets, does not pay federal taxes but income/losses are passed to owners, individual partners are not responsible for actions or liabilities of others
What is Limited Liability Partnership?
Court appointed decision maker
What is Litigation?
Extension of coverage usually purchased in the multiples of million, only covering general liability, automobile, and worker's liability. Should be purchased on both a personal and a corporate level
What is Umbrella Policy?
4 types of project scheduling
What is milestone chart, wall schedule, critical path method, and gantt/bar chart?
Multiple Contractors are contracted to build the project, hard to manage but can get things done faster
What is Multiple Prime Contract?
Partnership of more than one person, does not pay federal taxes but takes are passed to owners, easy to form and personal assets at risk
What is General Partnership?
Goal of mediation
What is a Settlement?