Contractors beware:
Do you know which version of the “Additional Insured” endorsement you are using ? Did you know there are over 30 different versions in use?
CG 2038 and 2033 are huge red flags. Check today before its too late.
Contractors:
What does your cyber policy cover you for EXACTLY ?
it is the most discussed and least understood coverage you purchase.
Does it cover you for a payment made to a bad actor disguised as a sub or supplier ?
Do you know or are you hoping ?…
Contractors: does your broker know every state you are operating in ?
Statute of repose limits differ state to state and will impact your ability to file claims.
Your window to file is finite.
Attention Contractors:
What $$ amount can your balance sheet retain in losses before it prevents you from moving forward ?
Your WIP is your exposure !
Consider SDI in addition to surety to cap losses.
3) starting your process 90 days prior to renewal. Your start date needs to be 120 days minimum. Establish a schedule with underwriters so you’re not chasing down certificates and auto ID cards at the 11th hour.
2) remaining in a guaranteed cost program structure:
This is most profitable for insurance co and most expensive for you. Model out large deductibles, SIR, etc to compare. Understand your data.
3 mistakes 80% of construction companies are making when reviewing their insurance programs:
1) Including multiple brokers. Select A broker- carriers will respond favorably and the best brokers will engage. “Shopping it” is archaic and lazy. Invest in relationships.
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