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What Is a Certificate of Insurance (COI) for Contractors — and When Do You Need One?

Levelset

To help your business remain viable, contractor’s insurance should be a crucial part of your financial strategy. Insurance also puts other parties’ minds at ease when they want to hire you as a specialty contractor. If you’re bidding on contract work, you will likely need a COI per terms of a legal agreement.

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#122:  Construction Loan Disbursement Pitfalls

NH Construction Law

Owner/borrowers like it as well; preventing the contractor from getting ahead of them in payments incentivizes proper contract performance, and a set of professional eyes to determine whether the contractor’s draw requests are justified is a welcome feature. ” And such a voluntary undertaking is exceedingly rare.

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Does GC Insurance Cover Subcontractors?

Levelset

General contractors know these risks when they take the role. But what if the general contractor isn’t at fault, and a subcontractor is to blame? Does a general contractor’s insurance cover their subcontractors’ accidents or mistakes? The car owner can’t go after a different contractor’s insurer for the damage.

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#89:  COVID-19 as a “Hazardous Substance” Justifying Delay or Suspension

NH Construction Law

Upon receipt of the Contractor’s notice, the Owner shall obtain the services of a licensed laboratory to verify the presence or absence of the material or substance reported by the Contractor and, in the event such material or substance is found to be present, to cause it to be rendered harmless. § 10.3.2 § 10.3.2

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Fieldwire - Untitled Article

Fieldwire

When determining the objectives and key results for the year ahead, general contractors and subcontractors must think of their own goals and constraints, and take into account the challenges and issues that affect the sector as a whole. Bureau of Labor Statistics , there were 5,190 fatal work injuries recorded in the United States in 2021.

Safety 52
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Insurance for Electricians: What It Covers & Why You May Need It

Levelset

This type of damage may leave electrical contractors unable to foot the bill. Why can an electrical contractor use insurance? Which types of policies are available to electrical contractors? Below is a list of coverages that can be obtained through a separate policy or amendment to an existing agreement. .

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What Is an Insurance Endorsement? A Contractor’s Guide

Levelset

At the core, you have property coverage for your tools and equipment, along with a liability component that protects your financial assets in case there’s a work-related accident or injury that you may have some responsibility for. . Learn more : 5 Insurance Policies General Contractors Need. The opposite may also hold true.