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What You Need To Know About Construction Contractor Insurance

October 19, 2018

Residential and commercial contractors all need construction contractor insurance. This is not a negotiable requirement. It will often spell the difference between getting and losing a contract.

Any party who contracts services to others needs contractor insurance. This is required when contracting services to the government on the federal, state or city level. It is also most often required by private entities from contractors.

In effect, contractor insurance protects all parties involved in a contract. Those who hired the contractor are assured that any damage or injury on persons or property caused by the contractors work will be paid for by the insurance. The contractor is assured that he will not have to pay for claims on such damage or injury from his own pocket. It also protects him in case he is wrongfully sued.

Contractor insurance generally covers the contractor, the party who contracts the services and any member of the public directly affected by the work of the contractor. It should offer full protection against accidental damage caused to equipment and property, as well as full liability protection to cover all medical, legal and compensation costs. If a contractor has more business than is covered by the policy, extra coverage can be applied for in the areas of public liability and professional indemnity.

Contractor insurance does not, however, cover deliberate errors and negligent acts on the part of the contractor. If the contractor shows a consistent pattern of negligent behavior, the insurance company will not extend coverage.

Normally, contractor insurance covers only the period during which the contracted work is being done. Some work, however, may give rise to issues many years afterwards and the contractor still runs the risk of being sued even then. He could already be retired by that time. Contractors should, therefore, apply for additional insurance to cover such eventualities. This could be in the form of a run-off insurance policy or an extension of the liability clause of the existing contractor insurance.

Construction contractor insurance specifically covers all the risks involved in the construction of a commercial or residential building. This covers compensation for builders risk, demolition liability insurance, professional indemnity insurance, public liability, employers liability and accidental death of a worker due to construction default or structural fault such as the collapse of walls in the construction site.

Builders risk covers claims and legal fees against damage to the building while construction is going on. Demolition liability insurance covers claims against damage caused by the demolition done in the course of construction.

Jlhongm indemnity insurance covers claims and legal fees against professional negligence. This is different from deliberate errors and negligent acts. Jlhongm negligence refers to not having produced the quality of work that the contractor has represented himself to be qualified for.

Public liability, as mentioned earlier, covers claims and legal fees for injury or damage caused by the contractors work to a third party or members of the public.

Employers liability covers claims and legal fees against injuries or illness incurred by the contractors employees in the course of their work. This extends to cases of accidental death of employees in the construction site.

The typical cost of contractor insurance ranges between 0.5% and 1% of the total coverage. Among the factors involved are the industry of the contractor, the specific companys business turnover, the amount of coverage required, the probability of the company facing any legal action, and, of course, the insuring company.

Construction contractor insurance is a necessary investment for all residential and commercial contractors. It will protect them, their employees, their clients and the public at large. It will also show proof of their professionalism.

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The Funniest Insurance Claims Ever Filed

October 15, 2018

Who says insurance agents don’t have a sense of humor? They’d have to, to sit back and read some of the insurance claims that drivers and homeowners file today without becoming raving lunatics! Here is a collection of the funniest, most ludicrous and most outrageous insurance claims to ever pass across the desk of an insurance claims director, as told by comedian Jasper Carrott, website www.businessballs.com and the Charlotte evening news.

1)A Charlotte lawyer purchased a box of costly cigars and insured them against flood, storm damage and, of all things, fire. Needless to say, his investment went up in (happily inhaled) smoke within a month, after which the lawyer filed a claim with his homeowners insurance company that he was owed compensation because “the cigars were lost in a series of small fires”. The insurer refused to pay, assuming (correctly) that the man had smoked the pack himself. A judge ruled, however, that since the insurer had never stated what was considered to be “unacceptable” fire the company did, in fact, owe him $15,000 to replace his property.
The insurance company paid the claim, but they got their own back in the end. The lawyer was then arrested, sentenced to 24 months in jail and a $24,000 fine for 24 counts of arson and insurance fraud.
2)True story: When asked to describe how he had come to have a one on one with a lamppost the driver stated that he had not been able to see the post because “it was obscured by human beings.”

3)Only in Louisiana could you get away with filing an insurance claim stating, “Windshield broke. Cause unknown. Probably voodoo.”

4)It’s all H2O to me. A judge had to educate a homeowners insurance provider on the fundamentals of chemistry when a washing machine got stuck on boil and steam cleaned an entire kitchen beyond repair. The insurance company tried to claim that steam damage shouldn’t be covered under the homeowners water damage policy.

5)A woman meeting her husband, a Navy crewman who was due into port that day, parked at the end of the slip where the submarine was due in to berth. There was an inexperienced ensign at the helm who overshot his landing and hit the end of the slip, breaking a section away and sending the car plunging into the water. Needless to say, those damages were on Uncle Sam!

6)There may not have been a tornado in town, but a driver unfortunate enough to have picked that day to park his car by the side of the road was treated to a moment in Oz when a house came crashing down off the flatbed of the truck hired to move it, completely destroying his vehicle.

7)Will these pedestrians never learn? A driver stated on his insurance claim form that “I knocked over a man. He admitted it was his fault, as he’d been knocked over before!” Another driver quite practically pointed out, “The pedestrian had no idea which direction to run, so I ran over him.”

8)In a nod to punctuality, a driver was rushing out of his drive on his way to work at seven o’clock in the morning and ran straight into a bus-who was five minutes early.

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Insurance Tips California Homeowners at risk because of Insurance Policy Misunderstandings

October 6, 2018

Imagine a worse case scenario situation where there’s a massive earthquake and your house crumbles, taking with it everything you have worked for and treasured. You call your insurance company so you can start to rebuild your life and instead of being guided through a claims process, you are instead informed that your California homeowners policy does not cover damage caused by earthquakes and you are left with nothing but a pile of rubble and an unpaid mortgage!

This is the situation millions of homeowners could find themselves in should the worst happen, simply because many of us don’t understand what our homeowners policy offer. Many California homeowners will presume, due to the high risk, that earthquake coverage is automatically provided, but in most cases this is sadly not the case.

Homeowners insurance can be confusing and complicated. Most people know they need it, but don’t know exactly what is and is not covered when they sign up. A recent poll suggests that four out of every ten people surveyed don’t know what their homeowners insurance policy covers. For example, more than 2 in 5 wrongly believe mold damage is covered by a standard homeowners policy. In other cases Homeowners policy holders underestimate their insurance, with 73% unaware that items stolen or damaged in a vehicle are covered. Perhaps to be taken more seriously by California homeowners, the study shows that 51% of respondents are unaware that Earthquake protection is not covered by standard California insurance policies. On the bright side, 90% of Californians do know that fire damage is covered by their homeowners policy, while 72% know lawsuits from injured visitors are also covered. However, to get the best from our policies, it is important that we understand what we are each entitled to.

There’s a lot of confusion, misunderstanding and misconceptions surrounding home insurance which could lead to serious and costly consequences. It is human nature to not want to think about the unthinkable happening, so most people buy insurance and don’t take the time to understand or update it. However, in the event of a disaster or emergency home owners may find that their insurance policies will not cover their costs and have to fork over their own money, which in turn could result in a debilitating financial situation. Even a simple case of Mold damage repair can cost tens of thousands of dollars.

While Californian homeowners must take some responsibility in knowing what is and isn’t covered by their insurance policy, insurance is not typically expressed in a way easily understood by the general population. It is in the homeowner’s best interest to protect themselves, their properties and possessions. Unfortunately the only way to effectively do this is to take the time to read and understand your insurance policy documents and if you have any questions or doubts to contact your insurance company and get a confirmation (preferably in writing) as to what is and is not covered. The better prepared you are, the less likely you’ll get any nasty surprises.

**Article is free to be reprinted as long as bio remains**

Sargeant Insurance is located in Los Angeles, CA. We specialize in personal and business lines insurance.Request a quote online by visiting our website at www.sargeantinsurance.com . Also, be sure to sign up for a monthly news, exclusive offers and tips at http://eepurl.com/tMPkL

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Understanding Family Health Insurance

September 29, 2018

There are different types of health insurance covering all walks of life like individual, family, employees and others.

What is a Family Health Insurance?

Families are always special and they ought to have complete protection against medical emergencies. A comprehensive Family Health Insurance helps to save medical cost and complete shield to family against emergency due to an accident or sudden illness. Family members covered under Family Health Insurance are spouse, dependent parents and children of an insured.

Benefits of Family Health Insurance

During a policy period if the sum assured has exhausted as more number of people covered, the policy can be renewed at no extra cost. Health Insurance Companies cover Health check -ups, day care treatment, pre and post hospitalisation etc. A new member to the family can be added anytime during the policy period and in case of death of family member others can avail same benefits and health cover without any hindrances.

A lump sum cash benefit is paid upon being diagnosed for a critical illness such as first heart attack, cancer kidney failure and others as well. If a family member covered under Family Health Insurance has to travel aboard for treatment, Health Insurance Companies bear all the expenses like travelling cost, cost of treatment abroad and expenses incurred by the person accompanying the insured. Cashless hospitalisation are very helpful if case of unforeseen medical uncertainties.

Common exclusions of a Family Health Insurance

Health Insurance Companies do not cover any pre-existing injuries or illness. Any diseases diagnosed within 1 month from the date of commencement of policy are not included. Only injuries due to accidents are covered within 1 month. Medical expenses due to self inflicted injury or attempt to suicide are not covered. Dental treatments, cost of contact lens are not part of Family Insurance Plan. Cost of treatment incurred due to consumption of alcohol or drugs are not born by the Health Insurance Company.

Lump sum cash benefit covering a critical illness is paid only once in life to spouse or an individual after waiting period 3 months or survival period of 1 month is met under Family Health Insurance. Children are not covered for critical illness by the Family Health Insurance.

Family member are engaged any of dangerous sporting and sustained injuries due the sporting action is not borne by the Family Health Insurance.

Sudden Illness and expensive medical expenses of a family member can cause lot of financial liability. A well planned Family Health Insurance will help in facing medical emergencies and access to best medical treatments.

For more information visit: Family Health Insurance and Health Insurance Companies.

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How You Can Benefit from Black Box Insurance

September 23, 2018

Most young people know that finding car insurance–and more importantly, finding a way to pay for your car insurance–isn’t an easy task. Inexperienced drivers can seem like a liability to insurance providers because you haven’t had the chance to prove that you are trustworthy behind the wheel. Often, young motorists have to pay premiums up to four times as expensive as those that experienced drivers are subject to. From the perspective of the insurance company, this bit of age discrimination is fair because they need to protect themselves financially if you were to file a claim. For you, however, these astronomical fees could prevent you from being able to start driving. After years of struggle, insurance providers have found a way to reach a compromise with younger motorists. Black box insurance plans calculate your rates based on how well you actually drive, using complex technology to track your performance behind the wheel. This type of policy could be the godsend you were looking for to finally attain affordable car insurance.

Every black box insurance plan is a little different, but they all use a similar piece of equipment. A small, “black box”–named after the device that tracks airplanes in flight–is installed into your car, and it uses telematics technology to keep track of how you drive. On a basic level, the black box is a GPS tracker, but it also has an accelerometer inside of it–much like the one in your smartphone. The device is able to keep track of a wide array of data, which it reports back to your insurance provider. The information available from the black box includes how often and how far you drive, how well you obey posted speed limits, how smooth your acceleration and braking tend to be, and how well you handle turns and corners. Knowing these details about your driving habits, your insurance company will be able to tailor premiums to fit your performance.

The way that your driving affects your rates varies among providers. Some black box insurance policies will give you a base premium that can either go up or down each month depending on whether the telematics device reports positive or negative information about your driving habits. Many insurers will allow you to track how you are doing on their mobile app or website so that you know what you need to improve upon. At the end of each month, you may be rewarded with a certain number of points, which translates to your rates increasing or decreasing.

Other plans work a little differently in that the main reason for the black box is to limit how often you are on the road. Studies have shown that the more often you drive, the more likely you are to get into an accident, so some insurance providers limit the number of miles you are allowed to drive each year (and use the black box to make sure you don’t go over your allotment). Common limits for these telematics plans are 6,000, 8,000, or 10,000 miles per year, and you will often be allowed to bump up to the next tier if you are about to go over–though your rate will go up when you increase your mileage. Under these plans, young motorists are rewarded for their safe driving with bonus miles that they are given for free.

Other insurers will quietly use the device when you are just beginning to drive, without it immediately having a positive or negative effect on your rates. Often, these companies will gather all the data over your first year as a customer and then take that information into consideration when you are renewing your policy. If you have been driving safely, you might see a hefty drop in your premiums–often by as much as 50 percent over the first few years. On the other hand, poor drivers will tend to see their rates increase beyond the already astronomical levels. In this regard, you are taking a bit of a risk by opting for a black box insurance policy, but it’s one that will pay off as long as you put the effort into driving responsibly.

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