Restoration Insurance: Project-Specific Environmental Policy

September 11, 2019

 

We are often approached by restoration contractors considering a 12-month insurance policy specific to a project rather than purchasing an annual policy.  In almost every case, the restoration contractor is required to carry the coverage for a project and is considering their cheapest available option.

 

What most restoration contractors don’t realize is that once the policy expires there will not be any completed operation coverage should a claim arise.  Instead, to obtain the coverage, the contractor must renew the policy for another 12 months.  In almost all cases, by the time the restoration contractor is done renewing the policies, he could have insured the entire business for a year for less money than the premium associated with that single job.

 

In most cases, restoration contractors should purchase annual policies (when available) instead of insuring specific projects.  If your firm is considering purchasing a project specific policy for a specific project, please contact our office to find out exactly what your options are.

Share on Facebook
Share on Twitter
Please reload

Featured Posts

Restoration Insurance News: Understanding Your Workers Compensation Experience Mod (Part 2)

July 13, 2017

1/3
Please reload

Recent Posts

September 4, 2019

Please reload

Archive