When considering the type of contractors excess insurance to get, it is best to look at the corporate insurance program of your company. Ensure that you have the correct coverage and policy limits in place, and that you are aware of the Terrorism exclusions. Contractors insurance is crucial for any construction company, so a company’s corporate policy should cover these risks. Read on to learn more about this policy type and how to find the best one for you.
Onerous endorsements are commonly found on contractors’ general liability policies. These policies are typically sold in the surplus and excess insurance market. The following article explores common onerous endorsements. Note that different carriers apply different labels to these endorsements. Whether or not you need to purchase such coverage depends on your specific situation and the nature of your business. Here are some tips to make sure you have adequate coverage:
Per project aggregates: These policies provide the general aggregate for a policy on a project or location basis. This type of policy is designed to protect your business from costly claims that result from design services or defective materials. A failure to operate properly can be covered, as well. Other exclusions to look for are pollution and environmental damage. And if you work in residential settings, be prepared to face significant coverage limitations. If your policies do not include such exclusions, consider purchasing additional coverage.
Contractors should avoid terrorism exclusions in their contractors’ excess coverage, which limit their liability for a covered claim. These types of exclusions can increase premiums significantly, thereby limiting the ability of construction companies to invest in new projects. Insurers should be mindful of state laws regarding terrorism coverage. If these laws were not followed, insurers would face major losses. Insurers should understand these limitations and consider the risks of terrorism to their workers’ compensation coverage.
Many insurers have imposed TRIA exclusions, which may make certain contracts difficult to procure. This is because terrorist acts can be difficult to identify without a threshold of insured losses. Insurers should also communicate with their clients about potential certification requirements to ensure they meet these guidelines. Otherwise, they may end up violating state laws and their own contracts. The GAO’s report also recommends that insurers communicate with DHS and their own clients.
Chubb has a portfolio of insurance products that covers many industries including broadcasters, clean tech, construction, cultural institutions, educational institutions, entertainment, federal government contractors, and more. Chubb also offers specialized solutions to meet clients’ needs, such as multiyear insurance programs and contractor controlled insurance programs. Chubb’s websites are packed with helpful information, including FAQs about insurance and claim processes, testimonials about how Chubb has handled claims, and much more.
While Chubb has been in business for over 140 years, its success is based on its commitment to customer service. Chubb has an extensive network of agents and brokers and an online chat function on its mobile app. Its service excellence is also evident in the many base coverage options and cybersecurity protections it offers. Chubb’s standard policies, referred to as the Chubb Masterpiece, are highly customizable and meet the specific needs of construction-related companies.
If you’re looking for a general liability insurance policy that covers both liability and excess coverage, RLI can help. The RLI contractors excess insurance program offers two different options – the Contrac Pac (r) and Specialty Package. Each provides the protection you need, but in a more customized way. It also includes additional coverage such as commercial umbrella insurance. These policies are offered to contractors in most states, but may be less expensive if you only need general liability insurance.
For more details, read the policy documents of each policy. For example, a RLI contractors excess policy may include a general liability limit of up to $5 million, though higher limits may be available upon request. In addition, RLI contractors can purchase additional insurance for their trucks, including auto and trailer interchange, hired and non-owned vehicle liability, and garage keeper legal liability. RLI contractors excess coverage is also available in the form of excess liability coverage, which covers contractors up to eight million dollars for bodily injury and property damage.