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Artisan Contractor. TWFG Commercial Business School Artisan Contractor. Learning Objectives To understand key Contractor related definitions To understand the primary exposures by line of coverage To know what questions to ask and what information to gather to pre-qualify a risk

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Presentation Transcript
twfg commercial business school artisan contractor
TWFG Commercial Business SchoolArtisan Contractor

Learning Objectives

To understand key Contractor related definitions

To understand the primary exposures by line of coverage

To know what questions to ask and what information to gather to pre-qualify a risk

To better understand the concept of Additional Insured, and the complexities the present

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TWFG Commercial Business SchoolArtisan Contractor

Glossary

Contractor Artisan Contractor

Heavy Contractor Sub-Contractor (Sub)

General Contractor Additional Insured

Certificate of Insurance (COI) Wrap-Up Project

twfg commercial business school artisan contractor2
TWFG Commercial Business SchoolArtisan Contractor

Exposures in General

General Liability Property

Premises Premises

Products Inland Marine

Operations/Completed OperationsInstallation Floater

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TWFG Commercial Business School Artisan Contractor

Exposures in General

Automobile Workers Compensation

Highly recommended

1 claim can force bankruptcy

twfg commercial business school artisan contractor4
TWFG Commercial Business School Artisan Contractor

Special Coverage Considerations

There are a number of special coverage considerations in dealing with contractors. Some involve endorsements, some involve additional lines of coverage, and some involve good business practices.

twfg commercial business school artisan contractor5
TWFG Commercial Business School Artisan Contractor

Special Coverage Considerations

Certificates of Insurance Primary & Non-Contributory

Per Project Aggregate Per Location Aggregate

Additional Insured How to list Sub-Contracted Work

Contractor’s Equipment Installation Floater

Surety Bonds

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TWFG Commercial Business School Artisan Contractor

Contractors’ Equipment – Worksite Security

Contractors’ equipment is at significant risk of theft, with estimates of losses in the range of $600 million per year. The National Equipment Register (NER) maintains databases of heavy equipment ownership and theft, and provides tips to help contractors prevent losses.

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TWFG Commercial Business SchoolArtisan Contractor

Contractors’ Equipment – Worksite Security

General strategies recommended by NER to help contractors control the loss of equipment at worksites:

Management Considerations

Site Security

Vehicle Security

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TWFG Commercial Business SchoolArtisan Contractor

Carrier Appetite

For the most part, carriers will be interested in the common construction trade contractors, including:

Plumbing

Electrical

HVAC

Masonry

Painting

Tile & Stone

Concrete Contractors

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TWFG Commercial Business School Artisan Contractor

Carrier Appetite

Carriers will typically shy away from those trade that are subject to construction defect claims, including:

Roofing

Drywall

Insulation

Water-Proofing

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TWFG Commercial Business School Artisan Contractor

Preferred SIC Codes

Support Document Located on the Branch & GA websites

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TWFG Commercial Business School Artisan Contractor

Submission Checklist

A submission checklist is the easiest way to ensure that all exposures have been accounted for and addressed

Support documents are available on the Branch & GA websites

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TWFG Commercial Business School Artisan Contractor

Case Study

This segment includes a Case study. For those Branches participating in the Certified Commercial Branch Agency (CCBA) Program you will need to complete and pass in order to receive credit for this segment. For Branches not participating, the Case Study is optional

For GA agents the Case Study is optional.

The Case Study material will be available on the Branch and GA portals

RETURN COMPLETED CASE STUDIES TO MARK GLAUG @

mglaug@twfg.com