Builders Insurance

[stevenje]

I am looking into getting a builders insurance policy. With the raise of theft on the job sites lately, it seems I need to get some type of coverage.
Any suggestions or comments? Thanks

 

[ceb58]

I am looking into getting a builders insurance policy. With the raise of theft on the job sites lately, it seems I need to get some type of coverage.
Any suggestions or comments? Thanks

Once it is installed it is the general contractors responsibility to insure it or cover it. I have it plainly stated in my contracts that I am not responsible for the material due to theft, destruction or acts of nature after installation. Now if I am dumb enough to leave spools of wire laying around then it's my problem. Its hard enough to compete with out adding something else to your operating overhead.

 

[__dan]

You will want to talk to an insurance agent who really knows the insurance business. The agent may want to get an underwriter involved for a looksee at what you are doing. They will want to see documentation that your subs and contractors are insured and they may audit and charge extra for uninsured workers on your jobs.

That's one of the main things, there are things they insure and things that are not included in your coverage. You will want to get a pretty good explanation of each. My understanding of builders insurance, for building a new home, is that it's like 4x the cost of regular homeowners insurance and homeowners insurance covers a lot more things that are excluded in the builders policy.

For me, my greatest fear would be of someone getting hurt, and theft, property damage, I would only be looking for catastrophic loss coverage. Anything up to ~$2000. I would figure on putting on my Visa. I would not claim it. I would be afraid of higher future premiums or getting dropped. Theft by itself should be pretty inexpensive to get insured for. A good agent should be able to put an economical package together and explain what it covers and what it does not. I have guy who is great and a friend, but I had to shop around to find him.

 

[kwired]

I agree with __dan. Talk to you insurance agent. You should already have liability insurance, why do you want to insure the clients property against theft, or anything else you are not liable for?

Keep all your tools, unused materials, etc. in your own locked trailers, or other containers, then they are covered by your insurance if stolen. Everything you have installed belongs to the client and is their responsibility to insure it.

 

[Fulthrotl]

I agree with __dan. Talk to you insurance agent. You should already have liability insurance, why do you want to insure the clients property against theft, or anything else you are not liable for?

Keep all your tools, unused materials, etc. in your own locked trailers, or other containers, then they are covered by your insurance if stolen. Everything you have installed belongs to the client and is their responsibility to insure it.

i've seen language that that you own it until COI issued... fine print is m'portant....

i use a mul-T-lock for my bin, both a large one on the bail handle, and a hockey puck lock
as mobile mini has a puck lock box fitted on the door... so you can burn or grind it off is about
it.

job i'm currently doing, inspector will give me rough walls with just a string in the conduit...
i'm not pulling anything until the building is secure... crackheads in LA will crawl in a live
distribution vault to steal $20 worth of ground wire.

i just had delivered my service for this building.... 200 amp 3 phase 208, surface mounted.

that isn't getting mounted on the building until almost done. it won't last the weekend.
my cost was $1,825 for the spec'd unit.... turns out there was ONE of them in north america.
it's in my bin. if it gets stolen they will have to make another one.... they usually only have two available...
made by milbank... i've not seen a panel for plug in breakers with copper busbars in a very long time,
and a pull out fuseholder for the main, with bolted in fuses.

made in the USA, by people who drive SUV's.... no wonder it's almost $2k.