What is your General liability coverage amount, I have a client requesting a 5mil umbrella and it cost a arm and a leg. I have been fine with 1 mill per occ / 2 mill agg...till now.
How about you, what is your experience?
1 mil here. i am courting a client that will require 2 mil and it will be worth upgrading if we land them.
5 mil sounds monsterous. muni client, big construction project or are you moving the hoover dam over that 0.04' they missed during the original construction?
2 million
2 million / 4 million
I had the same coverage amounts as you until a powerful client requested more.
2 million seems to be the standard around here.
I've always had 1 mil, 2 agg, with a 50K combined equipment rider. Just like my E/O insurance, I hope I never need to make a claim.
Had 2 million here for years.
RADU
Two Million / Four Million
I was thinking about this yesterday and an extension of that onto those we supply information to.
If we pass that (our services) onto a Municipal Authority (Council/ Shire) and someone takes that along with a lot of other reports etc and then makes a decision which in hindsight later turns out to be a 'poor choice' or whatever you want to call it then here (oz) its just 'Oh we made a bad decision on that one'
Point is if it can be scientifcally quantified (surveyors do that) then all hell breaks loose if its outside specifications etc, but if someone uses the grey matter and decides on a path to follow and 'the thing' flounders, then a different approach is taken.
Common in politicians but that scenario is so real when it comes to governmental roles at all levels.
They take our $2+mill required security and pass it on to see them blow it all away with some casual wave of a hand and life gets back to normal again stuff.