Q. Can I buy open roof coverage under this policy?
A. Yes, at roughly 20% with a sublimit of 450,000.
Q. Is there coverage for remodeling?
A. There is no problem with remodeling or room additions.
Q. What other coverages can be added?
A. Condo, hospital, schools, 4 story buildings, torch work, overspray can be added. Please advise if these apply.
Q. Is there coverage for work in other states?
A. This is a national program, but currently there is no coverage for work in Louisiana.
Q. How is the premium calculated? Is it auditable? Is it broken down by services?
A. Premium is based on gross receipts, and yes, it is auditable. Keep in mind for budgeting. It is not generally broken down by services.
Q. What is an Auditable Policy?
A. In simplest terms, a policy where there is an audit at the end of the policy period to determine actual sales and payroll resulting in a refund or bill.
Q. What are subcontractor requirements?
A. (1) Hold Harmless Agreements, (2) Name you ad additional insured, (3) be insured for at least $1mil/$1mil (exact match not required, and (4) certificates of insurance provided.
Q. What about house raising, leveling and shoring.
A. Coverage for these is not available under the contract.
Q. What is a Risk Retention Group (RRB)?
A. A Risk Retention Group (RRG) is a regulated liability company insuring homogenous members who share similar liability risks. RRGs give members ownership interest and only members benefit from the RRG. The advantages include potential long-term rate stability, possible dividends with good experience, customized loss control and risk management and multi-state operations. Our RRG is PCIC which specializes in construction trades.