risk and liability issues affecting site improvement contractors

Download Risk and Liability Issues Affecting Site Improvement Contractors

Post on 18-Dec-2014

34 views

Category:

Business

2 download

Embed Size (px)

DESCRIPTION

Benefits of specialized coverage for site improvement contractors

TRANSCRIPT

  • 1. WEBCAST Risk & Liability Issues Affecting Site Improvement Contractors Risk & Liability Issues Affecting Site Improvement Contractors
  • 2. Page 2 Todays Agenda Intro to NIP Group Industry Overview Specific Challenges faced by contractors Benefits of Specialized Coverage Overview of the SitePro Program Things to Look For, when preparing a submission Summary Q&A
  • 3. About NIP
  • 4. Page 4 About NIP Group A top 100 business insurance and risk management intermediary Provide a wide range of brokerage, underwriting, and risk management services Entrepreneurial, innovative, and responsive Deep knowledge of key markets 20+ years of providing agents with exceptional coverage, competitive commissions, and fast, efficient service
  • 5. Page 5 About NIP Programs Develop and manage customized business insurance for industries with specialized insurance and risk management needs Custom-tailored coverage for select markets Unique underwriting, loss control, and claims service models, valued by both clients and insurers Underwritten by major insurers such as Travelers, Chartis, Argo, AmTrust Market expertise Stability through all market cycles
  • 6. Page 6 NIPs Programs C-StorePro for Convenience Stores Employment Practices Liability Insurance GlassPro for Glass Dealers and Installers GrowPro for Greenhouses, Garden Centers and Nurseries HVACPro for AC, Refrigeration, Heating or HVAC Contractors IrrigationPro for Providers of Irrigation and Pesticides for Lawns, Crops and Golf Courses InteriorScapePro for Contractors Providing Indoor Landscaping and Plant Maintenance LandPro/TreePro for Landscapers and Tree Services Providers LawnCarePro for Lawn Care Service Providers LightScapePro for Lightscaping Contractors MaintenancePro for Cleaning and Maintenance Services MedEdge Affinity program for Physician Assistants and Optometrists MenuPro for Restaurants and other Dining Establishments PetPro for Pet Care Professionals PlumbingPro for Commercial Plumbing Contractors PowerPro for Electrical Contractors SignagePro for Sign, Display and Awning Companies SitePro for Excavation, Site Prep and Paving Contractors WorkPro Workers Comp
  • 7. Industry Overview
  • 8. Page 8 Industry Overview 3 Major Construction Segments Building Construction Specialty Trade Contractors Heavy & Civil Engineering
  • 9. Page 9 Industry Overview Heavy and Civil Engineering Build sewers, roads, highways, bridges, tunnels, and other infrastructure projects Land Improvement Contractors Non-building contractors Perform site prep work Clearing / grading of land Excavation Water, sewer, utility construction Street & road construction Paving, Line striping, etc.
  • 10. Page 10 Commercial GL Coverage Land Improvement Contractors Commercial General Liability Coverage Protects business against: Accidents that might happen on premises Exposures related to work product Standard GL Policy covers certain lawsuits where negligence resulted in bodily injury, property damage, personal/advertising injury Can arise from injuries both at time of - and even years after - completion of construction project
  • 11. Page 11 Examples of Liability Examples of claims Child wanders onto site and is injured while playing Insured accidentally cuts through gas line while attempting to repair a sewer line Bobcat operator causes damage to nearby vehicle Faulty gas line installed by sub-contractor results in fire damage
  • 12. Page 12 Holes in Coverage Possible exclusions Contractors (or Subs) Warranty Independent Contractor Exclusion Subsidence/Earth Movement/ Soil Movement Property Damage to Your Work
  • 13. Page 13 Holes in Coverage Possible exclusions Contractors (or Subs) Warranty Independent Contractor Exclusion Subsidence/Earth Movement/Soil Movement Property Damage to Your Work
  • 14. Page 14 Holes in Coverage Possible exclusions Contractors (or Subs) Warranty Independent Contractor Exclusion Subsidence/Earth Movement/Soil Movement Property Damage to Your Work
  • 15. Page 15 Holes in Coverage Over 50 percent of these areas are underlain by soils with abundant clays of high swelling potential. Less than 50 percent of these areas are underlain by soils with clays of high swelling potential. Over 50 percent of these areas are underlain by soils with abundant clays of slight to moderate swelling potential. Less than 50 percent of these areas are underlain by soils with abundant clays of slight to moderate swelling potential. These areas are underlain by soils with little to no clays with swelling potential. Data insufficient to indicate the clay content or the swelling potential of soils. http://geology.com/articles/soil/
  • 16. Page 16 Holes in Coverage Possible exclusions Contractors (or Subs) Warranty Independent Contractor Exclusion Subsidence/Earth Movement/ Soil Movement Property Damage to Your Work
  • 17. Page 17 Holes in Coverage Possible exclusions Contractors (or Subs) Warranty Independent Contractor Exclusion Subsidence/Earth Movement/ Soil Movement Property Damage to Your Work
  • 18. Page 18 Other Considerations Subcontracted Work Uninsured Subs are Bad News During an audit, if your insured cant provide COIs for the Sub, their GL will pick-up the exposure, adding payroll to the audit, and the premium will be assessed, to cover the uninsured Sub
  • 19. Page 19 Other Considerations Admitted vs. Non-Admitted Carriers Admitted Carriers are licensed and regulated by the State Non-Admitted Carriers are not, presenting a potential for insurer insolvency
  • 20. Page 20 Other Considerations Carrier Ratings Carriers are rated by both S&P and A.M. Best Ratings reflect the carriers financial strength and ability to pay claims
  • 21. NIPs SitePro An Overview
  • 22. Page 22 NIPs SitePro Overview Specialty insurance designed to service excavation & land-grading contractors. One of the most comprehensive insurance programs available for site preparation and land improvement contractors Many coverage enhancements tailored to their specific insurance needs. Competitive pricing for businesses of all sizes, from small contractors to large multi-state operations. Minimum GL premiums as low as $5,000
  • 23. Page 23 NIPs SitePro Program Backed by strong financial carrier Rated "A" (Excellent) Financial Size IX by A.M. Best ISO Based Program is Admitted in All States Currently write in 44 states: Exceptions: Alaska, Hawaii, Idaho, North Dakota, Montana,& Colorado Accounts rated off payroll
  • 24.

Recommended

View more >