The Electrical Contractor Network

ECN Electrical Forum
Discussion Forums for Electricians, Inspectors and Related Professionals

Books, Tools and Test Equipment for Electrical and Construction Trades

Register Now!

Register Now!

We want your input!

Featured:
   

2017 NEC and Related
2017 NEC
Now Available!

   
Recent Posts
Forum Software Upgrade coming soon...
by Webmaster
Today at 12:03 AM
Re: Fabricating Guards out of Lexan?
by frank
Yesterday at 04:11 PM
Would ELV branch circuits be a good idea?
by gfretwell
Yesterday at 01:26 PM
Why cables look like they do
by Texas_Ranger
Yesterday at 12:33 PM
100% breakers?
by Texas_Ranger
01/16/17 06:13 AM
New in the Gallery:
Desk-mounted "power-board"
Top Posters (30 Days)
HotLine1 20
Webmaster 20
gfretwell 13
Trumpy 12
ghost307 12
Who's Online
1 registered (ampherder), 0 Guests and 40 Spiders online.
Key: Admin, Global Mod, Mod
Topic Options
Rate This Topic
#156202 - 04/03/05 01:07 PM Another insurance question
BobH Offline
Member

Registered: 10/16/04
Posts: 134
Loc: Newfane, N.Y USA
I haven't yet read all of the fine print in my policy but I'm wondering about something. I heard that many policies (contractors) only cover damages, etc, that occur while the job is being performed. Does this mean that if I have a DBA and god-forbid something happens to a home 2 months after I was there and I'm blamed for it, that I could be sued and my insurance would not cover it. I haven't seen any exclusions written like that in the policy but I guess I'll be reading the fine print soon. Any thoughts on this subject?

Top
Business, Office, Estimating, Legal:
#156203 - 04/03/05 02:22 PM Re: Another insurance question
Dave55 Offline
Member

Registered: 05/08/04
Posts: 666
Loc: Crystal Lake, Illinois, USA
Ask your agent, but I'd assume that the liability part of the policy would cover any suit regardless of when the installation was completed.

Dave

Top
#156204 - 04/04/05 10:16 PM Re: Another insurance question
kd Offline
Member

Registered: 12/14/04
Posts: 51
Most policies have a "sunset clause" which sets a time like 4 years that the sun sets on the coverage in the policy. After that you are on your own. Insurance is limited coverage-- you also need to put $ in a 401K or an IRA or anuity to protect it from a lawsuit. Other contractors I know have big assets in their wife's name. It is easy to lose all your assets if you do not take action now. Incorporation might also work, but a suit can sue the corporation and you too!

Top
#156205 - 04/05/05 08:29 PM Re: Another insurance question
BobH Offline
Member

Registered: 10/16/04
Posts: 134
Loc: Newfane, N.Y USA
Wow, I'm glad I asked this question. Haven't had a chance to call broker yet. My policy costs me $500 a year for 300,000 and 600,000 aggregate. Is this common for contractors or business owners to put their own money in 401k's or the like? I've heard about this. I have some money and certainly don't want to risk losing it.

Top
#156206 - 04/06/05 07:37 AM Re: Another insurance question
BobH Offline
Member

Registered: 10/16/04
Posts: 134
Loc: Newfane, N.Y USA
I know what you're saying. There is really a lot to know and unless you have a relative or someones who's done it succesfully, it takes a long time to find out everything you need to know. That being said, hopefully when you find out everything you do need to know, it won't be too late. Thanks for the advice.

Top


ECN Electrical Forums - sponsored by Electrical Contractor Network - Electrical and Code Related Discussion for Electrical Contractors, Electricians, Inspectors, Instructors, Engineers and other related Professionals