Commercial property insurance to protect your financial interest in your building, equipment, stock and other company assets. We simplify your insurance by helping you identify and build a protection plan that protects the very things that enable you to deliver your services to your customers, generate business income and provide jobs.

We can design your policies to also include business interruption coverage, an important features to help you maintain your business income stream should a loss temporarily halt your operations.

LF

General liability insurance, sometimes called commercial general liability (CGL) insurance or contractor general liability insurance, is a class of insurance that provides liability protection to businesses in the case of bodily harm or property damage during the course of business. Insurance providers create various versions of these policies available to professionals in construction and for construction projects. Whether you are the property owner, a construction company, or a contractor, liability insurance policies are available to protect policyholders from unnecessary risk. So often, these plans will be advertised as Contractor General Liability Insurance or General Liability Insurance for Builders.

General liability insurance policies will usually cover a broad range of damages, including:

• Faulty workmanship
• Job-related injury
• Advertising injury / defamation

Contractors or developers may actually be required to have a minimum level of liability insurance either by law in some states or to win certain contracts that require it. Companies who complete many design-build projects will definitely want to have liability insurance in case they are sued for mistakes. Also, subcontractors are frequently required to carry liability insurance in order to work for certain general contractors.

General liability insurance policies are available through various providers for the following types of businesses:

• Residential general contractors (RGC)
• Developers
• Remodelers
• Light commercial general contractors
• Trade / specialty contractors (HVAC, electrical, plumbing, etc)

Like Builders Risk and other types of insurance coverage, certain exclusions are likely to be defined in the policy, protecting the insurance company from having to cover certain types of damages or incidents.

Builders risk insurance, also known as course of construction (COC) insurance, or sometimes construction all risk insurance, is insurance coverage for buildings and other structures while they are under construction. Other policies like homeowners insurance or commercial property insurance will typically not cover structures during construction. Builders risk policies will usually have options to cover the following types of property:

• Building materials
• Foundations
• Temporary structures such as scaffolding
• Paving, fencing, outdoor fixtures
• Lawns, trees and plants installed by the builder

Insurance providers generally cover the most common types of construction projects, including:

• Residential new construction
• Residential remodeling or smaller projects (e.g. replacing windows or doors)
• Model homes and model home contents
• Commercial property construction

However, if your construction project or type of structure is unique, there may still be specialty providers that can offer insurance policies for your unique project. Builders risk policies only protect against certain types of damages. Generally, the most basic builders risk insurance policies will cover damages caused by:

• Fire
• Weather
• Vandalism

Designed to protect commercial operations owning valuable mobile equipment, the contractors equipment insurance product provides business coverage for construction machinery, equipment and tools of a mobile nature used in contracting, installation, erection and repair, or moving operations or projects.

Following is important eligibility and underwriting information:

Eligibility

• Contractors equipment policies can be written for contractors, municipalities, manufacturers, wholesalers, retailers, or other types of commercial risks owning mobile machinery and equipment.
• Covered equipment may be owned and rented, leased or borrowed. Items typically insured under a contractors equipment policy include bulldozers, power shovels, loaders, graders, backhoes, forklifts, pavers, compressors, pumps, and numerous other items of a mobile or portable nature.

Coverage and policy limits

• Schedule limit of up to $10 million; agent’s authority up to $1 million
• Scheduled or blanket coverage options available
• Borrowed equipment
• Replacement Cost coverage and Actual Cash Value coverage available on the same policy. Replacement Cost valuation automatically applies to property five years old or newer. Any property older than five years as of policy expiration date will be covered at Actual Cash value.
• Employee tools and work clothing; maximum $500 any one item
• Unscheduled Equipment; maximum $1,000 any one item
• Rental reimbursement
• Rental equipment
• Spare Parts and Fuel and Pollution Clean Up and Removal options
• Special coverage package automatically includes basic limits for the following with higher limits available:
  – Additional debris removal expenses – $5,000
  – Expediting expenses – $1,000
  – Fire department service charges – $10,000
  – Inventory and appraisal – $10,000
  – Recharge of fire extinguishing equipment – $1,000
  – Reward of recovery of stolen equipment – $10,000
• $500 minimum premium applies

Underwriting guidelines

The following information highlights some of the major underwriting guidelines for contractors equipment. Additional guidelines may apply based on the risk.

• Complete description of equipment, including manufacturer, year of manufacturer, model and serial numbers, limit of insurance; minimum 80 percent to value
• Type of contractor and work performed
• Named insured must have at least two years loss experience
• No property is to be leased, loaned, or rented to others
• No property is to be waterborne
• Any previous equipment loss experience prior to our policy will be referred to underwriting
• Additional underwriting consideration required for equipment that will be used or located underground
• Coverage for optional attachments is not automatic; these items must be included in the description and the limit of insurance to activate coverage

Toggle Content

Toggle Content