Construction Insurance Highlights
Managing your Construction Company can be tricky. Contracts come and go and not all contracts require the same insurance coverages or have the same jobsite exposures. Since the beginning, The Hartwell Corporation has strived to be a trusted Risk Management Advisor to those in the Construction Industry. Through our Company partners, we can help you understand the insurance requirements and provide you quotes on the items the contracts are requiring so you can make informed decisions.
Construction Insurance can include:
General Liability - Provides the insurance protection needed to pay damages for bodily injury or property damages for which the insured is legally responsible. Many contracts require the Owner or General Contractor to be listed as an Additional Insured and to add a Waiver of Subrogation. Depending on your policy these additional coverages can be added for each project or a blanketed when required in a written contract. When reviewing which way is best, look at the cost of the blanket forms and the cost of the individual forms including how many you would have to add. If you need more than a few, the blanket forms are usually more cost effective.
Business Auto - The Auto liability coverage of the business auto policy provides protection against legal liability arising out of the ownership, maintenance, or use of any insured automobile. The policy agrees to pay damages for bodily injury or property damage for which the insured is legally responsible because of an automobile accident resulting from the ownership, maintenance, or use of a covered auto. Contracts can also require Additional Insured and Waiver of Subrogation on the Auto Liability. These requirements are not as common as on the General Liability but are still seen often enough. When these are required, be sure to ask for the cost difference between getting a blanket form or the individual forms. If you are at the beginning of your policy period it is usually more cost effective if you get the blanket.
Equipment – Provided insurance protection for your Equipment at the jobsite. This can be scheduled or unscheduled miscellaneous equipment. These policies can also include Leased and Rented Coverage if you are renting equipment. Typically it is more cost effective to schedule your equipment.
Workers Compensation & Employers Liability – The Workers Compensation obligates the insurer to pay all compensation and other benefits required of the insured by the workers compensation law or occupational disease law of any state listed in the policy. Employers Liability protects employers for their legal liability for bodily injury by accident or disease to an employee arising out of and in the course of the employee’s employment when not covered under the workers compensation law. Before benefits are paid under this coverage, the employee must prove the employer is liable for the injury. Some contracts require a Waiver of Subrogation on the Workers Compensation. Some companies offer a blanket form while others charge a percent of the premium of that specific job.
Builders Risk - Covers structures being built, temporary structures at the building site, and building materials that have not yet become part of the building. The building materials are covered while on the insured location, in transit, or in storage at another location. If the owner or General Contractor is providing the Builders Risk on the project, it is good to make sure all Sub Contractors and Sub-Sub Contractors are Additional Insured, providing you rights under the policy to file a claim.
Surety Bonds – Most Public and some Private construction projects require a Surety Bond. This provides the owner a guarantee that the contract will be performed to completion and all subs and supplies will be paid. The Hartwell Corporation has a dedicated surety team that understands what it takes to get a surety bond and can help you navigate the process.
If you want us to review your current program or quote specific coverages, please contact us today.