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Three Items That May Not Be Covered Under A Standard Contractors Insurance Policy
Posted by Partners Risk Services on
Contractors Insurance Update
If you are a contractor you may have some coverage issues that you need to review. Many contractors’ insurance policies have limitations or exclusions that could cause un-insured losses.
Contractors Insurance Concerns
The ISO Commercial General Liability Coverage form excludes damages or loss for which the contractor is obligated to pay by reason of having assumed liability under a contract. However, some coverage is given back in this exclusion for an “insured contract”. We can add back the coverage through endorsements which changes the definition of an insured contract.
Designated Work or Designated Ongoing Operations Exclusion
Some insurance companies may offer a contractors policy, but exclude specific type of work. For example, a general contractor may be primarily involved in framing but may on occasion perform charitable work. Some insurers may exclude the charity work. Some carriers are willing to include incidental classes on the policy on an “if any” basis.
Independent Contractors Exclusion
As a contractor do you sub out any work? You do not want this exclusion on your policy. The exclusion removes coverage for claims arising from the acts of independent contractors.
As a business owner, you have enough on your mind without having to worry about your insurance needs. You want to have the confidence that the business you’ve built is covered by a company that understands your business insurance needs. Partners Risk Services represents a carefully selected group of financially strong, reputable insurance companies; therefore, we are able to offer you the best coverage at the most competitive price.
We are Independent Agents, free to choose the best carrier for your insurance needs. We do not work for an insurance company; we work for you. We work on your side when you have a loss and follow through to see that you get fair, prompt payment and service. Partners Risk Services represents a carefully selected group of financially strong, reputable insurance companies, therefore, we are able to offer you the best coverage at the most competitive price.