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Top 10 Insurance Tips for Contractors PDF Print E-mail
  1. Always submit your contracts to your broker for review prior to signing or bidding.
  2. Check the supplementary General Conditions of your contracts for changes in the bond and insurance specifications, and inform your broker immediately of the changes.
  3. If the owner of GC is providing insurance for a project and asks you to delete any costs relating to job insurance, make sure you are added as an “additional named insured” on the owner or GC’s policy. For full assurance, send a copy of the binder and policy, outlining the applicable coverages, limits and deductibles to your broker for review.
  4. Watch for minimum retained premiums and ensure your broker is negotiating the lower minimum possible.
  5. Be aware of aggregate limits, restrictions in coverage and special endorsements that may include additional exclusions or requirements. Be sure your broker reviews your coverages, exclusions and special policy terms and conditions with you at least annually.
  6. Remember that coverage does not automatically extend to joint ventures. It must be specifically requested from your broker.
  7. When subbing out environmental abatement work, make sure that the contractor’s environmental liability policy covers the contaminant in question. Not all pollutions policies are the same.
  8. Never agree to add “additional insureds” to an Ontario auto policy. It cannot be done.
  9. Make sure that you are requesting and receiving certificates of Insurance from all your subs. Also, the Contractor’s name should be shown on the subs confirmation of insurance coverage as an Additional Insured with respect to that particular contract.
  10. Make sure that the list of automobiles you submit to your insurance broker is 100 per cent accurate at the inception date of your policy as any automobiles missed from the listing will not be covered if a claim occurs.

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