Contractors Need-Know Quality in Insurance Coverage : Dear Insurance Agent...
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Contractors Need-Know Quality in Insurance Coverage

by A. Montalbano on 04/03/14

One of the most important aspects in a project is certainly the contract.  Although it lays the ground-work and direction, not understanding the scope can become costly.

Gathering material, labor, permits, equipment, storage, etc., are essential in preparation of any project.  But without proper insurance in place high risk exposure is not worth the contract. 
Subcontractors are just as responsible for their part of the project as the general contractor and must step up in obtaining coverage.  The key is to obtain a valuable policy that includes important features customized to the work performed.  Low rates are obtainable but don't think this factor is key to success.  Contractors need to understand what type of coverage is included and excluded.  Knowing about A rated insurers and surplus line insurers are also important differences.  It is a heart-ache to read about small contractors taking on a project without knowing what they face and seeing their name tarnished later in court due to oversights.  All projects are not fit for every company.  Know what your company is capable of taking on and what is the deal breaker.  And certainly know your insurance limits before accepting a project.   Construction has unlimited gap exposures which can land any size company in a lawsuit. Never rush into purchasing a policy for its low rate.  Make sure your insurance specialist is an expert in construction coverage and makes time to diagnose your business needs. 

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