Case Study 3.0: Construction Coverages All Insurance Policies Are Not Alike Running a construction company is an everyday challenge. Given the overwhelming workload, which contractor has time to evaluate insurance coverage? Is there even a minute to spare to assure that your contracting business is well protected for the kind of work you perform – for your clients and for your distinct risks? After all, every insurance policy is the same. Right? All insurance policies are not alike because the contractors they protect are not alike. Different coverages are necessary for contractors working on a wide range of projects for clients in various states with workforces possessing divergent experiences. Contractors must consider the effectiveness of their insurance coverage under realistic scenarios, to find out where coverage gaps exist and where they might be exposed to losses taken right off their bottom lines. To see what can happen from insurance coverage gaps, click on One Minute From Normal One Minute From Normal and Counting These everyday news headlines provide a stark reminder how in just one minute from normal, operations can be easily turned upside down at a potentially significant cost for construction companies: “$1.8 million verdict reached against projects’ contractors and subs.” “Contractor Pays $800,000 settlement.” “Construction worker killed in jobsite incident.” To see how to get back to normal, click on Solution Getting Back to Normal Construction exposures require special attention and tailored solutions. Packaged, standard insurance forms may leave gaping holes in a contractor’s insurance protection. There is no reason to go it alone, especially in the insurance buying process. That’s why it’s important to work with a knowledgeable risk management team who understands issues such as construction defects litigation, job safety concerns and the contractual challenges that contractors find themselves facing in various jurisdictions. Rather than facing potentially hefty legal bills or settlements, contractors need to ask “what if” from the qualified risk management sources. What if my client files a claim for faulty work performed by my subcontractor? What if one of my sub’s employees gets hurt on the job site? What if an employee is hurt in one of my company-owned vehicles when they are off the clock? What if one of my subs decides to perform a little side job outside of the original scope of work? By working with knowledgeable brokers, like KMRD, and insurers with construction-specific underwriting expertise, like XL Insurance*, you can rest assured that your insurance coverage meets your needs and your expectations. Their advice is not only about insurance. It is also about effective risk management strategies that can help prevent an accident or injury and significantly mitigate losses when they do occur. Contact KMRD Partners to get back to normal with construction company coverage. * "XL Insurance" is a registered trademark of XL Group plc and the global brand used by its insurance company subsidiaries. Coverages are underwritten by Greenwich Insurance Company, XL Insurance America, Inc., and XL Specialty Insurance Company. Not all of the insurers do business in all jurisdictions nor is coverage available in all jurisdictions.