Crime Coverage and Yacht Builders Insurance Wholesalers

Insurance brokers understand that economic pressures can affect many different industries, and among them are their clients in the boat and yacht building industries. Trusted employees having a difficult time keeping up with bills and other personal expenses may become prone to committing dishonest acts including stealing from their employers. Employees caught in the act will often explain away their actions for what they feel are many sufficient reasons, including not having the resources or income to support their lifestyles.

Crime coverage, available through yacht builders insurance wholesalers, can often cost as little as $300 for up to $100,000 in coverage, this of course depending on the size and type of business activity, along with other underwriting considerations. While employee theft often involves having access to cash, they may also resort to stealing various items they have access to.

In the yachting industry there are many other items of value that may be stolen, including office machines, vault securities, warehouse merchandise, tools and other items in the inventory of the business they work for. Losses involving equipment, supplies, or merchandise can add up to thousands of dollars or more. Most businesses would have a difficult time dealing with such losses over time.

Desperate times, desperate measures

To an employee experiencing heavy financial burdens and responsibilities any product can seem valuable enough to steal, especially when a sufficient quantity can be taken over an extended period and often going unnoticed for months at a time. Surprisingly, an ongoing theft could span three years or more without being detected by owners or supervisors.

Crime coverage can help your client to better secure their business by providing protection for and against:

  • Employee Theft
  • Depositors forgery or altercation
  • Theft of securities and other property
  • Computer fraud
  • Funds transfer fraud
  • Money orders
  • Counterfeit currency
  • ERISA plans
  • Credit, debit, or charge card forgery, and
  • Robbery and safe burglary coverage

Don’t allow your clients to leave themselves open to losses of this kind that could seriously reduce their profit potential. Having crime coverage through yacht builders insurance wholesalers is worth the cost of the policy when you consider all that is at stake.

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Daniels Insurance and Construction Crime

The construction business is fraught with issues stemming from theft and crimes like vandalism. These can slow down the progress of the project and this adds up to costly delays. As a contractor you realize that could be the difference between making a profit and sustaining a loss. Your ability to control theft and vandalism on the site are vital to the success of the job. Unfortunately you can’t be everywhere, and when the site closes down for the night is when your equipment is most vulnerable.

When losses occur due to crime or theft, you’ll need the protection of a construction policy tailored to meet this specific coverage need, and Daniels Insurance can provide the type of policy that you need. In the meantime, these suggestions on efforts to control job site security and assistance in identifying major sources of crime losses should be of some help. You should focus on implementing these measures for controlling such losses.

 

Establish some general safety guidelines

You can start by creating and posting a written security policy. Then, develop a job-site security plan, assign supervisory security responsibilities and encourage security awareness among all workers. Require prompt reporting by workers of any incidents of theft and vandalism that occur and launch an investigation immediately. Report all losses to the police immediately, and maintain complete records of all security incidents.

 

On-site security measures are extremely helpful

Make sure that you provide limited access to the site at all times, preferably with gates secured by locks. Check the site out at the end of each day before securing it, and whenever possible, enclose the job site with a security fence and make sure that there is nighttime lighting on the site. It’s also a good idea to post warning signs to keep out unauthorized persons. If feasible, hire security guards and have them patrol the site on designated rounds.

 

Secure all tools, materials and equipment

You might also want to establish a program for verifying all deliveries. Consider utilizing a secured area within the site for equipment storage and maintain an inventory control system for all equipment, tools, and materials. Mark all tools and equipment to allow for easy identification. While this should greatly help reduce theft and crime, when items do go missing, Daniels insurance for contractors and construction companies can help cover the replacement costs.

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Electricians Coverage from an Insurance Agent in New Mexico

If you own a small electrician business here in New Mexico chances are that you purchased insurance to protect your workers and your business. If not, you should be asking yourself just what does an electrical service installation business need to stay protected. As an electrician, there are several risks and exposures to consider both on and off the job. And as a business owner, you have a lot of concerns when it comes to your equipment, as well as your employees. Today is the day to speak to an Insurance Agent in New Mexico and get electrician’s insurance to protect you against all types of liability concerns.

 

Safety is high on the priority list

 

Working with electricity can be dangerous and at times, deadly. The most important thing to remember is that the safety of your employees should always come first. Between the possibility of potential electric shocks, to simple or deep cuts and scrapes, or perhaps much worse dangers working around power lines, there’s a lot you need to do to protect yourself and your workers. If you have other electricians or assistants working for you, in addition to providing them with proper coverage, make sure they are well trained and follow all safety instructions.

 

The flip side of the coin is your customers. A client may accuse you or one of your employees of doing faulty work, but having electrician’s insurance coverage can protect you from being held personally liable. Nobody wants to be the victim of a false accusation, not to mention the likelihood of having your finances and reputation damaged, but these things do occur. Your best bet is to always have the right coverage for any exposures that you may face.

 

Even though you may complete a job to satisfaction, there’s always the risk of the work you’ve done on electrical equipment resulting in some type of damage down the road. With the potential for a fire or an even greater electrical problem occurring as the result of your work, you simply can’t risk facing a costly lawsuit because you were under- or uninsured. Speak to an Insurance Agent in New Mexico and get the right protection at the right cost!

 

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Examples of Construction Manager at Risk

A Construction Manager (CM) project delivery system is based upon an owner’s agreement with a qualified construction firm to provide construction leadership and perform administration of the project as well as management within a defined scope of services. The construction management project delivery system is further refined by the amount of risk the CM assumes in performance of those services.

It takes a collaborative effort by the owner, architect and construction team to bring a project to a successful completion. This is the key to achieving the desired result for every construction project since each situation is unique unto itself. Projects often fail because of a lack of communication between the governing bodies, which brings up the subject of coverage for a construction manager at risk. The CM will often take the blame when a project undergoes lengthy delays.

The architect and the owner can also be responsible, due to poor planning or lacking the necessary funds to complete a project in a timely manner. When such issues present themselves, a good line of communication can often be a remedy to what might otherwise become a volatile situation. No one want to be considered at fault when they in fact had no control over certain events, but this often happens when one hand doesn’t know what the other hand is doing.

How conflicts expose flaws in the management process

When conflict between the owner versus either the contractor or architect exists, this is the type of situation that can ultimately affect project delivery. The alternative is construction manager at risk (CMR), a delivery method that is designed to align designer and builder to collaboratively serve the owner’s best interests.

With construction manager at risk, a contractor is under contract by the owner during the entire design process to assist in pre-construction project management services and then also to act as a general contractor during the construction process. The architect is on a separate, parallel contract with the owner, making sure that the product fits within any predetermined specifications.

In summary, the contractor is responsible for the execution and control of the work and subcontractors are bound by subcontracts to them. Examples of construction manager at risk would include performance and financial stability of subcontractors and vendors, fluctuations in material prices, schedule adherence, weather, construction means and materials, quality and other non-reimbursable general contractor delays. For questions and concerns, speak to an agent familiar with the inner workings of the construction industry.

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Construction Manager at Risk Pertaining to Design Professionals

More often these days design professionals are offering construction management in their list of job titles. Still, determining professional and contractor liabilities associated with these ever-evolving services tends to be somewhat difficult. At the end of the day, issues related to the job falls upon these professionals and place the construction manager at risk. When dealing with general types of construction management, as a broker you must look at the risks involved and help your clients find better ways of managing those risks.

Advisors and Constructors face similar risks

The CM advisor approach is more suited to public-sector projects that involve multiple prime contractors or where competitive bidding is required. As a CM advisor, a design professional generally serves as an advisor to the owner throughout the course of the project. His or her duty includes providing pre-construction services such as estimating, scheduling and constructability reviews. In addition they must coordinate the work of one general contractor or several prime contractors.

The CM constructor typically works for the owner and alongside the prime design professional and is responsible for tasks of management as well as construction, and includes safety on the jobsite. The CM constructor assumes the same warranties as the general contractor by taking responsibility for the entire construction project, from permits, to bids, and right through to the punch list. The CM holds all subcontracts for construction as well.

Keep in mind that many (although not all) jurisdictions require a contractor’s license for anyone who performs the duties of a contractor. Performing any service without a required license is a violation of statute subject to sanctions.

Fortunately most professional liability (PL) policies will cover claims arising from the professional services a design professional renders as a construction manager. However, most PL policies don’t cover certain aspects of the construction risk (i.e., faulty workmanship fabrication, erection, installation, assembly or the supplying of products and materials). In addition, there is no coverage available for the economic risk of providing a guaranteed maximum price, as is often done by CM constructors.

Several areas of liability occur putting a construction manager at risk when providing CM services. The degree to which your client may assume these risks depends on their role and their responsibilities as stated in the contract.

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Contractors and Newton Construction Insurance Agency

Newton Construction insurance agency offers insurance to contractors of various fields and professions. Contractors often specialize in particular types of projects, which means that they have a variety of risks that may come with different coverage concerns. Because of these varied professions, it can be quite difficult for an insurer to decide upon a particular insurance program suitable for all the different types of professional contractors.

This is why insurance programs are tailored specifically for a client contractor, allowing the insurer to keep in mind his or her specific requirements and necessities, which may also change from project to project. Every contractor has their own set of possible risks involved in the services they provide. The bottom line is that practically everyone needs their own personalized insurance program for their unique requirements.

A list of specialized contractors

Someone who works specifically in carpentry does not have the same type of exposures as someone that is involved in landscape construction. Varied professions have varied requirements along with varied risk factors. Many New Jersey contractors insurance programs offer coverage to contractors, taking their circumstances into consideration, including:

  • Commercial General Contractors
  • Air Conditioning
  • Refrigeration
  • Plumbers, and plumbing contractors
  • Cable or communications equipment
  • Excavation Contractors
  • Glaziers and glass installation
  • Grading Contractors
  • Home Builders
  • Electricians and electrical contractors
  • Floor Covering Installation
  • Insulation
  • Mechanical Contractors
  • Lawn maintenance, irrigation and lawn sprinkler
  • Paving Contractors
  • Masons and masonry contractors, and many other professions

Insurance agents generally survey each of their client’s properties, liabilities, and auto risks to determine a suitable insurance program for each client. Client satisfaction is one of the primary concerns, and clients appreciate the personalized insurance policies provided by a Newton Construction insurance agency. Most insurance coverage includes Commercial General Liability, Tools and Equipment, Builder’s Risk, Workers’ Compensation Plans, Umbrella Liability, and Business Auto.

A Builders Risk Policy is applicable to new constructions, as well as to renovations and remodeling of existing buildings. An umbrella liability policy usually takes over where the limits of a business auto policy ends. A commercial umbrella liability policy can also provide an additional level of protection through insurance to handle any major losses and damages. Speak to a reputable agent today!

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Construction Insurance and Contractor Concerns

Those hard-working men and women in the construction industry understand the many risks and exposure they face on a daily basis. Home contractors, builders and remodelers face risks each and every time they walk onto a construction job site. As plumbers, electricians and HVAC professionals have their own special job hazards that are unique to their trades, they can purchase construction insurance to offset the costly errors and mistakes, as well as any on-the-job injuries that might occur. For these reasons, employers and contractors need coverage such as liability and workers compensation to protect themselves and their workforce.

 

There are a staggering number of financial pressures and liabilities in the construction industry. Many of these artisan contractors enter into agreements with general contractors that specify the types of insurance coverage, limits and special endorsements (additional insured, waiver of subrogation) they must carry in order to secure the job. The purpose of these endorsements is to transfer the risk from the general contractor to the specialty contractor, creating broad liabilities for the subcontractor that were never contemplated in the forms or the rates being provided by insurance companies.

 

Surety Bonds are another important aspect of protection

 

As any artisan contractor knows, they need to produce certificates of insurance and construction bonds in order to enter into contracts with their clients. When a surety bond, performance bond or other documentation to support a bid is needed, a surety company can provide this service that enables a contractor to enter bids and be competitive in the market.

 

There are assorted bonds available for every step of the project, from start to finish, and it can be a fairly simple process to secure a particular coverage that makes sense for any businessperson, and may include:

 

  • Construction bonds

 

  • Performance bonds and/or surety bonds

 

  • Commercial vehicle insurance

 

  • General liability

 

  • Umbrella liability

 

In addition, workers compensation is also generally required for contractors who hire actual employees (these are generally not subcontractors, but are paid employees of the construction company or the contractor). Speak to an agent about any questions or concerns, someone experienced with working with policies that cover construction projects.

 

photo credit: ** Lucky Cavey ** cc
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