Tools and Equipment Coverage, also know as Inland Marine Insurance, is intended to protect property while in transit. Inland Marine protects mobile high risk property, like the tools of a contractor or tradesman, that are not covered by standard commercial property policies. Tools and Equipment coverage is designed to cover movable property wherever it may be located and may be written on an all-risk, open-perils or named-perils form. Special policy floaters can be added to cover a variety of tools and equipment. Inland marine coverage provides valuable protection to business owners. It is especially important for for contractors and tradesmen, who frequently travel for work, and often posse
Every policy contains exclusions, and it's very important that you understand each of them as a restoration contractor. The following post will point out the most common exclusions found on a general liability policy. However, as a restoration contractor, your policy will most likely contain additional exclusions that could dramatically affect your insurance coverage. If you have any questions on exclusions on your specific insurance policy, please feel free to give our office a call. Before addressing the most common exclusions, it's important to provide a breakdown of the three coverage parts that comprise the general liability policy: Coverage A provides protection in the event of bodi
Our restoration contractor clients will often ask us why they should consider employment practices liability insurance. We just had a recent claim come up for one of our restoration clients that we feel highlights the need for this insurance even in situations where your company is not at fault: The Scenario: One of our restoration contractor clients had an employee that was 62 years old and had worked at the company for over 10 years. Over the past several years, this employee's work performance had begun to significantly decline to the point where the company had received several complaints from clients and other coworkers. In response to the last complaint, the restoration company dec
A frequent question we receive is in regards to a company's experience mod and how it affects workers compensation premium. This especially applies to restoration contractors as their employees fall into more expensive class codes. An experience mod is a calculation used to compare your company's safety history to that of similar sized companies within the same industry. The figure is determined by taking your company's actual losses and comparing them against your company's expected losses. The better your actual losses are, the better your experience mod calculation will be, which translates into lower premiums. If you have worse than expected losses, then your experience mod calculati
