Liability arising out of faulty work performed away from the premises after the work or operations are completed. Applicable to contractors, plumbers, electricians, repair shops, and similar firms.
Insurance Encyclopedia
Completed operations coverage
See: Products and completed operations.
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Completed Operations coverage protects against claims arising from operations finished and abandoned by the insured. For example, if a plumber installs the plumbing for a new restaurant and due to poor installation the restaurant floods, the completed operations coverage pays the damages on the insured’s behalf. As with products coverage, the operations must have been abandoned. That is, the work must have been completed and not in progress. (See Commercial General Liability).
Completed Operations Insurance
A commercial liability insurance coverage applicable to liability arising out of work performed by the insured after such work has been finished.
Completed operations insurance (Liability Insurance)
Insurance that covers contractors for liability stemming from accidents that occur due to the contractor completing a job.
Completion
Taking the final formal step in the conclusion of a contract so that it comes into force forthwith.
Completion Bond
See: “Bond, Completion Bond.”
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A bond that guarantees a lending institution or other mortgagee that a building or other construction that they have lent money on will be completed on time so it can used as collateral on the loan.
Completion factor
Monthly sum (factor) that is used to adjust incurred and paid insurance claims to expected incurred claims.
Complex repair
Physical restoration of damaged tissue when the wound requires more than layered closure as with scar revision, débridement (e.g., traumatic lacerations or avulsions), extensive undermining, stents, or retention sutures. Necessary preparation includes creation of a defect for repairs (e.g., excision of a scar requiring a complex repair) or the débridement of complicated lacerations or avulsions. Other examples are reconstructive surgery; complicated wound closure; skin grafting; intricate, unusual, and time-consuming methods to get maximum function and cosmetic results; and creation of a defect by extending excisions.
Complexity
In reference to medical decision making, see straightforward (SF), low complexity (LC) , moderate complexity (MC), and high complexity (HC).
Compliance
1. To satisfy federal mandates under the Health Insurance Portability and Accountability Act (HIPAA) by ensuring the physician or facility provides and bills for services according to the laws, regulations, and guidelines that govern it. 2. Degree to which a patient follows a treatment program directed by a physician or health care provider.
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UK: The process of following agreed or regulated procedures such as those laid down by the FSA concerning authorisations, regulated activities, conduct of business, etc. At Lloyd’s, the managing and members’ agents must comply with the requirements imposed upon them by Lloyd’s and supervised by the FSA (www.fsa.gov.uk).