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Liability Insurance

Mad Dog
Mad Dog Member Posts: 2,595
doubling in the coming year? My agent said that although we have never even put in a claim, that the carriers don't want to insure Plumbing & heating contractors anymore....great news huh????? anyone else experiencing the same, or is it time to look for another agent/??? Mad Dog

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  • DanHolohan
    DanHolohan Member, Moderator, Administrator Posts: 16,400
    Must have

    seen the photos, eh?
    Retired and loving it.
  • J.C.A.
    J.C.A. Member Posts: 349
    Just something .......

    about use of caustic chemicals , playing with fire (for a living mind you ) and working in unfinished spaces . I think they found their new "cash cow " and we're the ones going to be sacrificed . Chris.
  • My liability insurance has gone up

    over 50% in the last two years. It has to do with my working as a consultant on gas systems. I would hate to tell you what I pay a year for insurance.
  • Bill_14
    Bill_14 Member Posts: 345
    This is correct info...

    Start raising your prices now to recoup some of the up charges. It is going to take a couple of years before things start settling down...providing there are no more natural disasters or additional terrorist activities. The insurance market is crazy and all of them are very skittish and looking for ways to recover their losses.

    It might help to get additional pricing at renewal time, but you will probably end up with the same guy. It always helps to talk to other agents because there are times someone different may have a better coverage suggestion for you. However, in order to minimize your expenses, you will probably need to do a combination of shopping around, checking coverage limits, etc. and raising your cost of doing business.

    It is not fun out there right now.

  • Mad Dog
    Mad Dog Member Posts: 2,595
    THere are so many photos of me out there

    from diffrent phases of my life a few more couldn't hurt. Had a blast boys and Ellen. Shoulda toned things down a bit so I could've participated more on saturday, but I was so pumped to be there. Mad Dog

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  • Boilerpro
    Boilerpro Member Posts: 410
    My former insurer refuses to cover...

    people that work on boilers. Once they found out that boilers are my only bussiness they dropped me... without a single claim. They cover guys who work with scorched air, but not boilers....I don't understand. My rates roughly doubled too.

  • Tony Conner
    Tony Conner Member Posts: 549
    Just Mention...

    ..."steam" to insurance people, and watch them scatter. I finally found a company that would cover me for it, and had them put the specific wording on my policy "...including work on steam & compressed air...". I provide copies of my coverage to anyone I'm doing bidding/work for, and point out/highlight that specific wording.

  • hr
    hr Member Posts: 6,106
    I just took a

    40% bad news hit. Sure you can shop, and maybe find a lower price "loss leader" But I'll bet that company goes up with the rest, within a year. I shopped my truck, cars, motorcycle and homeowner policies recently. After an hour on the phone company B came back with a quote within ONE DOLLAR of company A. What a racket this is!! They have us by the..ts

    Time to look at self insurance. I believe a bunch of New Mexico contractors banded together to do this. Read it in the trade rags somewhere.

    hot rod

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  • Dana Zaichkin_2
    Dana Zaichkin_2 Member Posts: 36

    Try purchasing medical professional liability insurance - not a pretty sight. There seem to be several issues at play:

    Insurers are very risk averse since 9/11/2001 - across all industries.

    The number of claims have not risen remarkably but the cost of each claim has doubled in the last several years

    The insurance industry relies on using your money to make money while they are "holding" it. With the stock market in the toilet...things have changed.

    States, like California, that have enacted tort reforms such as limiting contingency attorney fees, limiting noneconomic damages, etc are in a better position than most of us.

    Good luck...We all need it.

    Best Regards

  • MIKE6
    MIKE6 Member Posts: 102
    Insurance is nuts

    Mine has tripled with no claims.They also want to know exactly what i'm doing.They told me no more oil burners will be covered,no roofing type of work,no gutters,no woodburning stoves,no duct cleaning.My old carrier lost his insurance carrier.He dropped me.Also they said we are all paying for (9-11).So my rates went up.
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