| Author |
General Liability for Owner Builder
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| mymail.good@gmail.com 2006-03-03, 2:21 pm |
| Hello,
I am an owner builder of my new house - my subdivision requires me to
carry general liability insurance. Any idea how best to go about this
.... I contacted few insurance agents in the area "Houston TX" they
tell me the policy is available only to a builders. Not very interested
in selling me insurance policy.
Thanks in advance.
sm
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| Barold 2006-03-03, 3:21 pm |
| If you're getting a construction loan, it will also be required that
you have insurance during the construction process - while building my
home the bank referred us to the local agency that provided home owners
and insurance and they were able to write us a policy.. I think we paid
$400 a year.
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| Barold 2006-03-03, 3:21 pm |
| If you're getting a construction loan, it will also be required that
you have insurance during the construction process - while building my
home the bank referred us to the local agency that provided home owners
and insurance and they were able to write us a policy.. I think we paid
$400 a year.
| |
| Robert Allison 2006-03-05, 3:21 am |
| mymail.good@gmail.com wrote:
> Hello,
>
> I am an owner builder of my new house - my subdivision requires me to
> carry general liability insurance. Any idea how best to go about this
> ... I contacted few insurance agents in the area "Houston TX" they
> tell me the policy is available only to a builders. Not very interested
> in selling me insurance policy.
>
> Thanks in advance.
> sm
>
Here in the state of Texas, you will have a bit of trouble
finding an insurance company to sell you a policy. It is
getting harder to find. I usually shop around for insurance,
but when renewing my policy for the last two years, I have
almost had to take what I could get. Once place that you can
check with is: The Insurance Store. They handle construction
policies in Texas. I used to use them and they were pretty
good. I use a smaller agent now and you may call a few
general contractors in your area and find out which company
will handle construction policies.
I am a small GC and my policy was right at $12,000 for the
year with projected gross revenues of 1 million.
On top of that, you will be required to have Builders Risk for
the project and that will run you another 1,000 or so dollars.
It ain't cheap to be a reputable builder.
--
Robert Allison
Rimshot, Inc.
Georgetown, TX
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| construction insurance guy 2006-03-23, 11:21 pm |
| General liability would be outrageously expensive. It would not be
worth getting for 1 house.
Builders risk would be easy to get.
You should also have workers comp. Even if all of the subs provide you
with insurance certificates, there is no guarantee that they are
genuine, nor do they guarantee that if coverage is in force, that it
will still be in 2 weeks.
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| Shannon Pate 2006-03-24, 10:21 pm |
| Having the workers comp certificate mailed to you from the insurance broker
will ensure authenticity.
An owner-builder could also request to be listed as an additional insured on
the policy. Then they would be notified in the event of a cancellation, by
request or nonpayment.
Shannon Pate
"construction insurance guy" <dczarniak@sgczarniak.com> wrote in message
news:1143167473.175805.93940@i39g2000cwa.googlegroups.com...
> General liability would be outrageously expensive. It would not be
> worth getting for 1 house.
>
> Builders risk would be easy to get.
>
> You should also have workers comp. Even if all of the subs provide you
> with insurance certificates, there is no guarantee that they are
> genuine, nor do they guarantee that if coverage is in force, that it
> will still be in 2 weeks.
>
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| construction insurance guy 2006-03-27, 1:21 am |
| And if the person who sent out the certificate goofed in one or more of
the great many ways to goof up in an insurance agency / brokerage ?
You have an authentic piece of paper with authentic air to back it up.
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