According to my insurance agent who is a Certified Insurance Counselor which I believe takes a fair amount of edu-ma-cation and experience to achieve, he says adding other companies to your insurance policies as "additional insured" causes your own coverage to be halved.
That is to say if you had a 1 million dollar coverage adding an additionally insured halves coverage for your own company to $500,000. Adding another would go to $333,333 and so on.
Although I do not generally work for GCs since I am a GC myself in the construction, remodeling and home improvement field offering all trades where all work is performed by my staff with no subs involved, occassionally I get an inquiry from a GC. Each time it seems they request this "add us as an additionally insured to your insurance policy" request.
For experienced subs out there, what is the insurance practice for adding thte GC as an "additionally insured" in the field for a sub that works for more than one GC? Do GCs always ask to be added to your policy as "additionally insured"? Do you always oblige? Do you know if this does divide your own insurance coverage in half? What is done to address this issue?
I have always turned them down and kept doing my own thing but I am getting more and more calls for subcontracting work and want to explore the possibility of pursung it.
That is to say if you had a 1 million dollar coverage adding an additionally insured halves coverage for your own company to $500,000. Adding another would go to $333,333 and so on.
Although I do not generally work for GCs since I am a GC myself in the construction, remodeling and home improvement field offering all trades where all work is performed by my staff with no subs involved, occassionally I get an inquiry from a GC. Each time it seems they request this "add us as an additionally insured to your insurance policy" request.
For experienced subs out there, what is the insurance practice for adding thte GC as an "additionally insured" in the field for a sub that works for more than one GC? Do GCs always ask to be added to your policy as "additionally insured"? Do you always oblige? Do you know if this does divide your own insurance coverage in half? What is done to address this issue?
I have always turned them down and kept doing my own thing but I am getting more and more calls for subcontracting work and want to explore the possibility of pursung it.