In today’s competitive market place it is not to uncommon for a sub-contractor to be hesitant placing a claim on a projects builders risk policy in fear of not being selected by the owner or GC for upcoming projects. When that is the very reason it is in place, covering the equipment, property and materials related to the project.
In lieu of being looked over in the future, sub-contractors will place claims on the (CGL) policy which will cover property damages and bodily injuries. Only covering in excess of the builder’s risk policy. The best approach to this situation, is to identify the deductible in the contract before starting work on the project and communicating with the owner and GC when a problem arises.
Besides who wants to experience any loss or increase on the premium on their (CGL) policy when the claims made on the builder’s risk policy are finished after the project ends. Again, communication is key in these situation. So inform your employees about any safety issues and take precautions when performing your duties on site.
Call Kramer Insurance Center and ask for, Daniel Murphy to solve your insurance needs at 215-860-6510 or visit www.kramerinsurancecenter.com