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Started By
Message
Business Insurance Question: Liabilty
Posted on 5/12/16 at 5:00 pm
Posted on 5/12/16 at 5:00 pm
Let's say you are a tech company and you hire a sub to do construction work on a contract you have. ($500K)
If you get listed an an additional insured (statement of Subrogation) , will that be enough to protect you and your GL carrier?
If you get listed an an additional insured (statement of Subrogation) , will that be enough to protect you and your GL carrier?
This post was edited on 5/12/16 at 5:01 pm
4
Posted on 5/12/16 at 5:04 pm to VetteGuy
Yes.
If you are listed, then you are covered under their GL policy.
If you are listed, then you are covered under their GL policy.
Posted on 5/12/16 at 5:12 pm to VetteGuy
I'd make sure they have at least a $1M policy. We are required to carry $2M for our data center work.
Posted on 5/12/16 at 5:12 pm to BamaCoaster
Posted on 5/12/16 at 5:14 pm to VABuckeye
quote:
$2M
We have that as well. I'll check his limits, but they are a decent-sized company.
Posted on 5/12/16 at 5:17 pm to VetteGuy
They should have 2 mil limits if their insurance dept/agent is worth anything.
Posted on 5/12/16 at 5:24 pm to VetteGuy
Your covered. Sort of. Only for the job, only on the job site, only for what they do and only for the duration of the job.
So depending on the nature of the job, you might wish to request the following. Additional Insured, Primary and Non-Contributory, Including Completed Operations (the time period being based on severity of job, and statute of limitations). Ask them to waive their rights of recovery against you, on their liability, and on their worker's compensation. Either/and in the actual construction contract, and possibly endorsed on their policy(ies).
So if they're putting up towers as an example, you most definitely want additional insured completed operations. If they're doing programming, you want to see their technology professional and cyber coverages.
All pretty simple stuff if their agent knows what they're doing, and has their stuff done correctly. Unfortunately a lot of agents don't know what they're doing.
So depending on the nature of the job, you might wish to request the following. Additional Insured, Primary and Non-Contributory, Including Completed Operations (the time period being based on severity of job, and statute of limitations). Ask them to waive their rights of recovery against you, on their liability, and on their worker's compensation. Either/and in the actual construction contract, and possibly endorsed on their policy(ies).
So if they're putting up towers as an example, you most definitely want additional insured completed operations. If they're doing programming, you want to see their technology professional and cyber coverages.
All pretty simple stuff if their agent knows what they're doing, and has their stuff done correctly. Unfortunately a lot of agents don't know what they're doing.
Posted on 5/12/16 at 5:37 pm to Iowa Golfer
Man, that's great advice.
They are basically digging holes for some fiber runs.
Thanks for the reply.
They are basically digging holes for some fiber runs.
Thanks for the reply.
Posted on 5/12/16 at 6:02 pm to VetteGuy
Additional insured equivalent to form cg2037
Workers compensation policy w waiver of subrogation for your company
Attorney review the indemnification etc in contract.
That's a start
Workers compensation policy w waiver of subrogation for your company
Attorney review the indemnification etc in contract.
That's a start
Posted on 5/12/16 at 6:04 pm to Chad504boy
quote:
Attorney review the indemnification etc in contract.
Was gonna do this for sure, just neededsome food for thought.
The scope is so far out of what we do that if something happened, I didn't want to hang my GL carrier out to dry. (and myself)
Thanks Chad.
Posted on 5/12/16 at 7:37 pm to Iowa Golfer
You forgot alternative employer on the comp.
Posted on 5/12/16 at 7:37 pm to VetteGuy
Do you not have a competent agent?
Posted on 5/12/16 at 7:39 pm to Chad504boy
quote:
Attorney review the indemnification etc in contract.
That's a start
Throwing away money doing that. A quality insurance agent can do this.
Posted on 5/12/16 at 8:07 pm to Mr.Perfect
quote:
Throwing away money doing that. A quality insurance agent can do this.
A higher quality insurance agent knows not to practice law without a license. A good agent should review insurance requirements only and avoid giving global advice on indemnity agreements, which are usually far broader than the exclusions and limitations of an insurance contract.
Just like attorneys and accountants who think they're qualified to give insurance advice, agents who are comfortable (unwittingly) giving legal advice don't know the professional minefield they're entering.
This post was edited on 5/12/16 at 8:09 pm
Posted on 5/12/16 at 8:39 pm to GoIrish02
Perhaps I should rephrase.
When your read thousands of contracts, a good agent can identify the red flags the same as an attorney.
The customer can then choose to engage an attorney, or request the language be changed.
I'm not talking about frank at Franks auto insurance and coffee. If you are dealing with a broker that is at a minimum regional, they should have well trained staff.
When your read thousands of contracts, a good agent can identify the red flags the same as an attorney.
The customer can then choose to engage an attorney, or request the language be changed.
I'm not talking about frank at Franks auto insurance and coffee. If you are dealing with a broker that is at a minimum regional, they should have well trained staff.
Posted on 5/12/16 at 9:00 pm to Mr.Perfect
I haven't asked him yet, but I'm not sure he would know these things.
Posted on 5/13/16 at 10:31 am to Mr.Perfect
quote:
You forgot alternative employer on the comp.
Very good catch on your part.
Posted on 5/13/16 at 11:09 am to Mr.Perfect
quote:
You forgot alternative employer on the comp.
not sure this is necessary at all. I've seldom seen this requested especially in the construction industry with subcontractors etc.
Posted on 5/13/16 at 11:11 am to Mr.Perfect
quote:
When your read thousands of contracts, a good agent can identify the red flags the same as an attorney.
insurance agents shouldn't be giving out legal language advice. we do insurance. a smart agent shall know that he never wants to be on the hook of an indemnification clause he gave advice on.
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