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insurance limits on what you can do

2222 Views 4 Replies 4 Participants Last post by  ASInsulation
time to renew GL when reviewing the Quotation found that they were limits on the types of project we can do. here they are and is this the new way the insurance company will conduct there Business?
NO work on Historical building
No EIFS work by applicant or subcontractors
No work for or on bridges,railroads, airports,aerospace plant,chemical plants,power plants, oil fields/refineries,petro-chemical plants, or hospitals,
No new construction on tract homes,condo,town homes or apartments,
Good safety program in place.
Well is this the new norm if so I have to close my doors there is no market for insulation on mail boxes or garden shed.
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Mines full if stuff like that too. Not that I do any off that stuff. Mine also says no work that involves lead paint. They don't even offer a upgrade to the policy to cover it either.
I saw this coming the large ship is sinking the insulation sector is ( a big problem with moister and Indoor Air problem) I feel that this threaten the go green incentives. and insurance see it to and are pulling support
A good insurance broker who is experienced in the construction sector can find you a policy that will cover operations such as EIFS, bridgework, historical buildings, lead and even asbestos.

All these higher risk operations come at a higher insurance premium. So, rather than have them automatically included in every policy and everyone being charged a really high premium, most insurers start out with the basic coverage at a bottom-end price which is often good enough for doing residential and straight-forward commercial work. Then the broker customizes the policy by adding on the specialized coverages that you might need. Why pay for bridge-work coverage if you never insulate bridges? If you need insurance for bridge-work, and your current broker says they can't do that; then you need to find another broker who can. It's the same as in construction; some contractors are more experienced than others, and some insurance brokers are more experienced than others.

Because of the problems with faulty EIFS installations (moisture and mould build-up behind the original wall and the EIFS layers); extra questions and proof of experience in EIFS installation is required in order to get insurance for that type of work. This has been set up to avoid unqualified contractors from doing EIFS jobs and then having their insurance carry the burden of their unqualified work. Rather than getting every contractor to complete an EIFS insurance application, most insurers exclude it but will then add it back in once proof of contractor qualification is met.

This is nothing new. Yes, new excluded operations get added to the list as time passes and problem claims become an issue. If this is the first time you have seen such a list of excluded operations, it is more likely that your insurance broker just neglected to point them out in prior years.

Your list didn't mentioned a Silica Dust exclusion. That's another common one.
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I just got into dealing with these issues myself in upgrading my policies to do an older condominium complex. Doing research now to figure out exactly how much of an impact this will have on business.
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