Precast Inc. - March/April 2008 - (Page 39)

your policy will pay in excess. If the additional insured is being provided on an excess basis, your policy will respond first and the contractor’s policy will respond in excess. • How long should you require additional insured status? This is something you should discuss with your attorney, and it depends on the statutes in the states in which you are operating. • Which form is it on? The most effective includes work in process, referred to as ongoing operations coverage; and completed work, referred to as completed operations coverage. Your insurance agent should be able to help you with this. have the same limits as your company or higher. For example: • $1 million Each Occurrence (Bodily Injury and Property Damage) • $2 million General Aggregate that applies on a per project basis • $2 million Products/Completed Operations Aggregate • $1 million Per Person or Organization (Personal and Advertising Injury) There are many reasons that you should require adequate limits of insurance. Your attorney and insurance agent can help you with this as well. • Name of the business • Policy number (This may be pending if it was just issued. In this case ask for another certificate when the policy number is assigned, or e-mail the insurance company to verify coverage. E-mail is a good way to document a conversation, so it is preferable to a phone call.) • Name of insurance agent • Name of insurance company • Type of policy (General Liability, Automobile Liability, Excess/Umbrella Liability, etc.) • Policy effective date and expiration date • Limits of insurance • Exclusions added by endorsement • Special provisions • Terms under which you the certificate holder must be notified if the subcontractor’s policy is cancelled The certificate should have your company’s name on it, should name your business as an additional insured and should have the form number on it. This again is something that your insurance agent should be helping you with. Make a log to track your certificates and keep them on file in an organized manner. This will come in handy in the MARCH/APRIL 2008 | WWW.PRECAST.ORG Certificates of insurance Requiring certificates of insurance from the contractors you are doing business with is one of the easiest and most important risk management tools. Once you get a certificate of insurance, there are certain things you should look for: Limits of your contractor’s insurance policy When spelling out the specific risk transfer items in your contract, it is important to specify that the contractor istock.com istock.com 39 http://istock.com http://istock.com http://www.precast.org

Table of Contents Feed for the Digital Edition of Precast Inc. - March/April 2008

Precast Inc. - March/April 2008 Contents Technically Speaking Concrete Repairs Return-to-Work Programs Marketing in a New World Building Confidence Risk Management Culture Bloquea La Energia – Es Tu Vida! Lock It Out – It’s Your Life! Fiber Optics in Countertops MCPX Wrap-Up Product Profile People & Products Advertisers Index NPCA Calendar

Precast Inc. - March/April 2008

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