What does Joint Venture mean? Read on to discover the definition & meaning of the term Joint Venture - to help you better understand the language used in insurance policies.
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.
We hope the you have a better understanding of the meaning of Joint Venture.