| CONTRACTOR'S LIABILITY | ||||||
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Business & Institutional Coverage
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Michigan Specialty now offers a contractor's program through Victor O. Schinnerer & Company, Inc. that can help you with the challenges faced by the new breed of contractor. One of those challenges is filling the gaps of your general liability policy...gaps like pollution or professional liability. | |||||
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| Features and services such as: | ||||||
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Enhanced
risk management services Contract reviews concerning design services by industry specialists Free subscription to Constructive Comments risk management newsletter for contractors Outstanding claim services Specialists dedicated to construction industry claims in 25 major metropolitan markets Circumstance reporting Free pre-claims assistance E-mail access to your claims specialist Toll-free fax number to submit claims information Added features Policies provide worldwide defense and indemnity coverage Contractor's policies include innocent principle's coverage Self-insured retention can be reduced by 25% for good claims experience Non-retroactive credits up to 30% are provided to eligible firms longevity credit saves up to 10% for loyal customers |
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| Each contractor firm is unique. We work with you to craft a program specifically designed to respond to the needs of your company, your client and your lender. We help you evaluate your financial risks and business goals, and depending on those requirements, we tailor coverage for your firm. | ||||||
| Contractor's professional liability | ||||||
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Protection for
failure to detect the faulty workmanship of others Retroactive coverage available for eligible firms Coverage for your own liability from design services performed by: In-house staff Design firms as subcontractors Joint ventures with design firms Agency & at-risk construction management services Available limits from $500,000 to $30 million (higher limits may be available upon request Self-insured retention levels: General contractors - $10,000 Specialty contractors - $5,000 Minimum premiums: General contractors - $6,500 Specialty contractors - $3,500 Punitive, exemplary, or multiplied damages payable to the fullest extent of the law Basic policy excess over project specific policies Automatic 90 day coverage for newly acquired subsidiaries Legal fee and expenses reimbursement for up to $25,000 per year for ADA & FHA actions Contractor's pollution liability Coverage for job site and vicarious liability Retroactive coverage available for eligible firms Available limits from $250,000 to $30 million (higher limits may be available upon request) Self-insured retention level for general and specialty contractors is $5,000 Minimum premium for general and specialty contractors is $2,500 Covers most environmental expenses Combined policy All the protection and coverage of professional liability and pollution policies combined into one Available limits from $500,000 to $30 million (higher limits may be available upon request) Self-insured retention levels: General contractors $10,000 Specialty contractors $5,000 Minimum combined premiums: General Contractors $8,500 Specialty contractors $5,000 Protection for generation, transportation, storage or disposal of pollutants Coverage for clean-up costs Contractor's Project Insurance Minimum premium is $10,000 for a $1,000,000 minimum limit Available limits from $1 million to $30 million Minimum self-insured retention is $10,000 Availability in all states, the District of Columbia, and US territories, except for PR Program special features: Provides coverage dedicated to one project Provides choice of coverage For third party claims made against the Contractor only, or For third party claims made against the Contractor and the design team Covers the design phase through substantial completion, with no annual renewals Extended reporting coverage up to five years beyond the date of substantial completion Guarantees the project rate from project inception based on the estimated construction values, length, scope, and nature of the project Lets contractors tailor their project's professional and pollution insurance program to meet the client's requirements |
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