What is a Waiver of Subrogation?
When you purchase a General Liability policy, the insurance company often reserves the right to “Subrogate” in the event of a covered claim. In other words, if the insurance company believes another party can legally be held accountable for the loss, they reserve the right to try and recover from the other party or their […]
Things to Know When Hiring Subcontractors
In the construction industry, a major component of your risk exposure is your subcontractors. Subcontractors are considered independent entities and are expected to carry their own insurance coverage. The quality of their coverage is important because it can determine whether or not your own insurance policy will come into play in the event of a […]
Recommended Insurance Coverage for Contractors
– General Liability: As a contractor, the minimum aggregate limit of liability you should carry is at least $1,000,000 (and often times the cost to increase the limit to $2,000,000 is only a small additional amount per year). Most projects will require at least this amount of insurance, and many carriers do not offer limits lower than […]