Jul 22, 2014 | Got Insurance?
Construction business is full of risks – and we all know that suit happens – lawsuit that is. But rather than being overwhelmed by worry and fear, you can take measured steps to protect your business. LiveRate® at Ideal Choice Insurance Agency assists you in minimizing the financial implications of future uncertainties (a.k.a. claims and losses) by comparing rates for business insurance, worker’s compensation and commercial auto with leading low price insurance companies. LiveRate® is a free service for comparing rates, allowing you to shop for – and buy – insurance that best fits to needs. What you get from us is factual and helpful information since we are not an insurance company – and you are never under any obligation to purchase. LiveRate® does not require your contact information to provide you with free insurance rate estimates. We know your time is too valuable to spend it on lengthy forms. That’s why we have designed ours to be hassle free and super easy. Just spend a minute or two on our secure form to receive a number of customizable policy estimates – we do not sell your information – and only one (1) agent will call you – but only when you request a call! After comparing rates with LiveRate® you’ll not only get great contractor’s insurance coverage – you’ll also get it at an affordable rate, payment plan and a flexible down payment too. You can contact us with any questions you might have – we’re happy to help match your insurance needs to competitive rates and options. Measure twice and cut once by comparing rates with LiveRate® for...
Jul 1, 2014 | Got Insurance?, SIS
Definition of Contractor RRG A Contractor Risk Retention Group is a self-insurance plan – or group captive insurer – operating under the auspices of the Risk Retention Act (RRA) of 1986 that can cover all the liability exposures – other than workers compensation exposures, of its owners. Contractor RRG companies allow members who engage in construction activities to write liability insurance for all or any portion of the exposures of group members, excluding first party coverages, such as property, worker’s compensation and personal lines, such as home, auto and recreational vehicles. Authorization under the federal statute allows a group to be chartered in one state, but able to engage in the business of insurance in all states – subject to certain specific and limited restrictions. The Federal Act preempts state law in many significant ways, therefore RRGs are not subject to the individual state laws that would otherwise prohibit the formation of group captives or make it difficult to form or operate them. Contractor Risk Retention Group Advantages: Avoid state filing and licensing requirements Membership controls risk and litigation issues Elimination of market residuals No expense for fronting fees Un-bundling of services Exemption from countersignature laws for agents and brokers Stabilize coverage and rates Contractor Risk Retention Group Disadvantages: Risks are limited to only liability insurance Not permitted to write non-related business No guaranty fund availability for members for claims May not comply with certificate requirement or financial responsibility laws While the Exchange was promulgated as a Lloyd s-type facility, what has evolved is a group of individual underwriting syndicates, utilizing the authorities earned by the Exchange, to provide capacity in a wide variety of programs or niche underwriting....
Jul 1, 2014 | Got Insurance?
GENERAL CONTRACTORS Licensed general contractors and other trade contractors who subcontract labor from yours and other business types must comply with their own general liability insurance policy by requiring all subcontractors to provide a contractor insurance certificate with an Additional Insured Endorsement (AI) – to get more jobs. The AI requirement will also extend to you – after you buy a general liability policy – you too must require any business you hire as a subcontractor to name your company as AI on their policy. Additional insured endorsements range in price from free to $500 or more, depending on the exact requirement. Most insurance company rated with LiveRate® include unlimited basic AI endorsements – at no additional charge – which is why you should shop online for the lowest rate. PROPERTY MANAGERS Commercial and residential property managers – as well as many individual landlords have a short-list of contractors who are called for installation, remodel and maintenance services – and will only hire an insured contractor. Get on the contractor insurance certificate list – and get more jobs as soon as today! Compare Rates for Contractor Insurance Certificate REFERRAL SERVICES Contractor Insurance Certificate BUSINESS LICENSE Contractor Insurance Certificate...
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