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Paul Rohrs
Paul Rohrs Member Posts: 357
in THE MAIN WALL
What specialized policies are liscenced contractors carrying now? I took a simple business course the other day and an insurance gentleman suggested a supplemental policy for "boilers and pressure vessels". (?) Is this standard insurance SOP for all of you?

What other liability insurance riders do you carry? I am looking for basic, complete, or partial answers to get a better idea.

Are you protected if the worst should happen? Is your homeowner protected?

thanks in advance,

PR

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  • Patrick Kozak_2
    Patrick Kozak_2 Member Posts: 23
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    Paul, Unless your General Liability Policy excludes coverage of negligence caused by a boiler mishap I think this gentleman was giving the course to develop leads for his insurance business. You really need to read or have your lawyer read your policy to see just what it does cover.
    Better to know before hand just what your coverages are.
  • Bryan_5
    Bryan_5 Member Posts: 270
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    Paul,
    As probly the only regular visitor to the Wall that is an insurance agent I would like to give you a couple of things to think about. Please no attacks to the insurance guy :) The Steam bug has bit and I cant stay away from this site.

    First Patirick is right on the boiler. What the other agent is probly refering to is if the boiler is in your building you may need additional coverage to cover you if that thing blows up. Your policy may or may not cover your for workmanship errors that may wreck the new boiler that you just installed. Check with your agent or attorney.

    A couple of things that alot of contractors overlook is there work comp. They often exclude themselves from coverage thinking that there health insurance covers them. If that is the case check your health policy in the exclusions section for occupational injuries or sickness. If it doesnt exclude coverage then also make sure you get a good disability policy to cover yourself. Also do you have life insurance? Is it enough? Will your business continue with out you? Where will the money come from to support your family? Alot of guys think they can get by on $100,000 well that may pay off your house then what. Think bigger add a zero.

    Also make sure you carry at least a million dollars on your General Liability. Many companies also offer umbrella policies that can cover you in additional million dollar incraments.

    It doesnt happen often but I have seen some policies where the agent didnt write the policy properly and the contractor had no coverage for tools off of there premises.

    When was the last time your agent reviewed your coverage? It should happen at least once a year. Sit down with him and tell him your concerns. If you are not comfortable with him or what he tells you find someone else. Ask some of the contractors you know who they use. Insurance is a lot like your trade. Any one can get a license but we are not all experts. Hope this could be of some help. Any more questions let me know.
    Bryan
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