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August 6, 2008
general liability insurance if you're acting as own GC?
If there are people out there who have acted as their own GC on renovations (small or large)or do their own plumbing/electrical repairs, how many of you obtained general liability insurance for this work? We are in the process of renovating and also obtaining new insurance coverage. Better to be upfront and tell the broker exactly what we're doing, or what they don't know won't hurt them?
Comments
I am a woman and have done it. (my own gc in a condo)
Don't tell the broker anything yet until you work out the logistics of your work.
Keep it simple. You can take a liability insurance policy.
Just make sure you ask for one million dollars with a two million dollar aggregate.
Go on the computer and look for Utica First Insurance company. They offer an artisanal policy for the little guy with a weeny teeny income. Utica is solvent. Find the broker from their personal list and you wll save money, too.
If you take the policy with a Staten Island or Westchester (yonkers, etc.) business address the premiums drop 50%. It is considered a low crime area. The other advantage you have with these areas is you pay premiums quarterly and not yearly
If you want to cancel the policy they will issue a refund with the balance you did not use. It is the law.
Use an electrician and a plumber with their own license and insurance.
Electrical and plumbing has the highest premium payments.
Take the money that you'll save and put towards plumbing and electrical professionals.
If you know the logistics what is involved in setting it up correctly, you will save a ton of money and get the job you want.
I call it the "brain game".
P.S. Don't take the provision for terrorist attacks it will set you back $25 or $50.for nothing.
When you get the policy learn to read it especially the items with a dollar charge next to it.
Posted by: madamlee at August 6, 2008 1:04 PM
My, sounds just like Yvette!
But part is correct. Just make sure you get insurance certs from all the contractors you use, make sure you & other owners and bank are shown as 'additional insureds'
Posted by: denton at August 6, 2008 1:45 PM
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