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INSURANCE AND RISK MANAGEMENT


Construction Insurance – What Contractors Should Know


By Bob Mahan, Mahan Insurance Brokers Inc.


especially in the realm of insurance. AGC of California is dedicated to keeping members aware of these changes, which are summarized below.


A


Price War Te nationally known admitted in


California carriers, including Travelers, CNA, Liberty, and the Hartford, have stepped up with very competitive rates for those contractors with good loss ratios and comprehensive risk management and safety programs. Why would any contractor want


to use a captive when the carriers are offering such terms? For the smaller


s we enter the first quarter of 2017 there are changes across the entire construction industry,


contractors, brokers can obtain competitive rates from A-rated carriers in the specialty markets. Recognize that these rates do not appear to be actuarially unsound. A return to the post 9/11 premium level would not be surprising. Any major event such as Katrina could initiate such.


Liability Coverage Limitations Te carriers continue to amend


their cover to quietly limit coverage.


Common examples include:  Use of endorsements that are specifically disallowed under the AGC Standard Form Subcontract.


 Limited Additional Insured coverage leading to technical breach of contract.


 Removing cyber coverage.  Umbrella policies that are replete


with coverage restrictions – our agency prefers excess policies with very few additional exclusions.


 Wrap Coverage Gaps – most sunset in 10 years, but bodily injury claims from latent defects have no statute of repose.


Neglected Coverage Options In addition to Worker’s Compen-


sation, Auto and basic property


policies, the following are a must:  Employment Practices Liability Insurance – your most likely liability claim.


 Contractor’s Professional Liability and Pollution cover – often available as an additional coverage under the GL policy.


 Blanket Crime Coverage - protecting all your assets from most


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HCSS.COM | 1-800-683-3196 12 March/April 2017 California Constructor


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