Restoration contractors with other businesses on a daily basis to complete joint projects. These businesses sign contracts or agreements prior to any work being completed. So, how does business insurance work to protect against the risk of some other company, vendor, or sub-contractor causing damage to people or property of a mutual customer? This is where the additional insured status comes in. One party will add the other party as an “additional insured” on their commercia

From time to time we come across interesting claims scenarios involving restoration contractors. We like to share these situations because it highlights the need for lesser-known insurance coverages like crime insurance and it help restoration firm owners avoid potential claims like this in the future. Type of Claim: Crime Insurance, specifically Employee Dishonesty Description of Event: A trusted business development employee of a restoration firm was charged with harass

What is a ‘Certificate Of Insurance' A certificate of insurance is a document issued by an insurance company/broker that is used to verify the existence of insurance coverage under specific conditions granted to listed individuals. More specifically, the document lists the effective date of the policy, the type of insurance coverage purchased, and the types and dollar amount of applicable liability. A certificate of insurance is often demanded in situations where liability an

One of the questions we often receive is whether or not a restoration contractor should purchase an umbrella policy for additional limits of insurance. Depending upon the size of your restoration company, the standard $1,000,000 per occurrence and $2,000,000 aggregate limits may be adequate; however, there are also situations where your company should really consider adding an umbrella insurance policy. Here are 3 times when your restoration company should consider purchasin