Today we are going to talk about construction company requirements. Over the last fifteen years this has been a very big deal for construction companies. Millennium Insurance Leader Souscription has worked with many of them and the requirements have really risen over the years because of liability.
A variety of requirements
The things you need to know is, depending on what type of construction you do, your requirements are going to differ.
If you are a residential contractor building homes, spec homes or custom homes, your requirements are much less. The insurance companies really have that nailed down but what you really need to be careful of is being named as an additional ensured on the certificate. That is something you will talk with your insurance agent or broker about. You need to make sure that you are protected as the contractor.
The value of the broker
Now if you are a commercial contractor making commercial buildings, your requirements have gone up. Also, depending on the type of client that you have whether you are working for a municipality or working for a developer, you have to be very cognoscenti of the language in the contract under insurance. This is where your agent or broker become very valuable.They can help you make sure you are meeting those requirements.
Insurance with high requirements
There are too many cases where contractors have signed off on a contract. They want the job so badly yet they were not able to meet the requirements of the insurance that was being placed on them.
Finally you may be a contractor that is doing multi-family. This is where the most requirements come from. Multi-family, or condominiums, apartments and in this age, a growing need for adult and elderly living situations. So anything that has multi-family units, you are getting involved in some higher requirements. So before you sign a contract, the recommendation of Millennium Insurance Leader Souscription is that you talk with your insurance company because you need to make sure that not only you understand the risks involved but what you are setting yourself up and your insurance for, because in some cases that insurance could be costly or you might not be able to get it.