Just looking at Professional Liability / General Liability insurance, and am wondering who everyone is using, and if they are happy with the cost and level of service.
I know of the Assurance Risk Managers / NSPS program, but are there any others out there as well?
Chip-
Not recommending, merely passing on FYI http://encon.ca/English/Pages/default.aspx
Cheers,
Derek
Thread hi-jack with my apologies. I just got an RFQ for professional land surveying services with the following insurance requirements. By the way I carry $1M/$2M agg, which I think is pretty typical.
I wonder how much would this insurance cost?
(1) Commercial General Liability Insurance with limits of not less than Three Million Dollars ($3,000,000) per occurrence for bodily injury and property damage, Three Million Dollars ($3,000,000) per occurrence for products and completed operations liability, Three Million Dollars ($3,000,000) fire damage, and Five Million Dollars ($5,000,000) general aggregate. The policy shall be written on an
occurrence basis. The policy shall also not have exclusions for any of Contractor’s activities at the Facilities. Any deductible shall be at Contractor’s expense.
(2) Errors and Omissions/Professional Liability Insurance with limits of not less than Five Million Dollars ($5,000,000) combined single limit for all acts and omissions related to the responsibilities contained in the Agreement. The policy shall be written on an occurrence basis.
(3) Workers' Compensation insurance, affording coverage in accordance with the applicable state laws covering all of Contractor’s employees, and Employer’s Liability coverage in accordance with the applicable state laws but no less than Five Hundred Thousand Dollars ($500,000);
(4) Property Insurance coverage for all tools, materials, equipment, and other items owned, borrowed, or leased by Contractor shall be Contractor’s responsibility. ____ shall not be responsible for such tools, materials, equipment, and other items owned, borrowed, or leased by Contractor. ____ shall not be responsible for equipment and materials to be installed at the facilities by Contractor until such time that the equipment or materials are installed by the Contractor and approved by ____.
(5) Business automobile coverage, including coverage for owned, leased, and hired vehicles, which shall include vehicle and property (cargo) damage, and bodily injury, in an amount not less than One Million Dollars ($1,000,000.00;
(6) Umbrella Liability insurance at not less than Five Million Dollars ($5,000,000) limit for each occurrence providing for excess coverage over the limits and coverages prescribed above in Subsections L. (1), (2), (3), and (5) above, which such policy shall be written on an occurrence basis; and ...
Having worked for an insurance agency, led to my insanity, for several years, will never go back, it sounds like the client is looking for additional insurances should something go wrong. When the client asks to be named additional insured on your policy and you do such you just gave the client additional coverage in the event he gets sued. Once the client's insurance pays out the lawyers will go after anyother policy with the client name on it. It is a little trick that has been played for years.
How can you insure a product when that product is a stake in the ground with a grade on it. Once that stake is touched by someone else whether client, grader, curbing guys, concrete guys, or whoever the stake(product) is no longer in its original state. Once removed there is no proof it was right or wrong.
Contract class taught me one thing, mark out anything that refers to warranty and guarantees. Once you leave the site fly ou have no control or oversight of that stake(product). It is not a hard permenent feature like curbing, asphalt, concrete, etc.
Lolyds of London will be the only company that would even underwrite such a risk.
