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Construction Defect Exclusions: Subcontractor CGL Limitations that Should Worry Additional Insureds
Construction is a costly business…in more ways than one. Not only are many projects worth millions of dollars, but so are the lawsuits that often attach to them. A growing trend of construction defect litigation has insurance premiums going “through the roof.” As a result, contractors must rely on their commercial general liability (CGL) policies […]
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Classification Limitations: Managing a Subcontractor’s Insured Work Exclusions
When it comes to commercial general liability (CGL) policies, some endorsements are great for upstream parties. Others, not so much. On the good side are additional insured endorsements which allow general contractors, property owners, and property managers to receive coverage under their subcontractor’s insurance policy. On the bad side are classification limitations, which can nullify […]
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CGL Policy Gaps and Workers’ Compensation: Understanding the Impact to Additional Insureds
Unless you are a workers’ compensation claims expert, you might not know that a subcontractor’s injured employee generally cannot sue them, but can sue upstream parties. This leaves general contractors, property managers, and owners exposed. An additional insured endorsement on the subcontractor’s commercial general liability (CGL) policy helps minimize exposure. But does it eliminate that exposure completely? […]
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A COI Template Will Only Take You So Far
Certificate of insurance management is a complex collection of processes and details. Collecting certificates of insurance for subcontractors can be the easy part. You have to be aware of the certificate of insurance requirements by state. You have to know what to look for on a certificate of insurance for business. If you manually track […]
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Put Away the Spreadsheets. It’s Time for COI Tracking Software.
Some companies still use spreadsheets to track the certificates of insurance (COIs) they receive from their vendors, contractors, and other third parties. Small companies that hire only a few third parties at a time might find that a COI tracking spreadsheet meets their needs. However, if these companies grow and hire more third parties, their […]
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General Contractors NEED Automated Certificate of Insurance Software
Large general contracting firms must deal with a substantial volume of certificates of insurance because they usually hire third parties. A certificate of insurance (COI) is proof that contractors own sufficient coverage, protecting the company that hired them from being held liable in the event of personal or property damage. COIs occasionally vary in complexity, […]
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