ECN Electrical Forum - Discussion Forums for Electricians, Inspectors and Related Professionals
ECN Shout Chat
ShoutChat
Recent Posts
Happy Father's Day!
by Bill Addiss - 06/19/21 04:16 PM
A Risky Setup
by timmp - 06/18/21 08:08 PM
Where is Everyone?
by gfretwell - 06/18/21 11:07 AM
Conduit over Vinyl Siding
by Jim M - 06/16/21 08:30 PM
Updated Forum Software
by Admin - 06/15/21 10:23 AM
New in the Gallery:
2020 - 2021 Winter Project
2020 - 2021 Winter Project
by Bill Addiss, April 29
Garden 2021
Garden 2021
by Bill Addiss, April 26
Who's Online Now
0 members (), 1 guest and 14 robots.
Key: Admin, Global Mod, Mod
Previous Thread
Next Thread
Print Thread
Rate Thread
#156202 04/03/05 04:07 PM
Joined: Oct 2004
Posts: 135
B
BobH Offline OP
Member
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?

Joined: May 2004
Posts: 697
D
Member
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

Joined: Dec 2004
Posts: 52
K
kd Offline
Member
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!

Joined: Oct 2004
Posts: 135
B
BobH Offline OP
Member
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.

Joined: Oct 2004
Posts: 135
B
BobH Offline OP
Member
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.


Link Copied to Clipboard
Featured:

Tools for Electricians
Tools for Electricians
 

* * * * * * *

2020 Master Electrician Exam Preparation Combos
2020 NEC Electrician
Exam Prep Combos:
Master / Journeyman

 

Member Spotlight
SafetyWired
SafetyWired
Pa, USA
Posts: 44
Joined: July 2013
Top Posters(30 Days)
Trumpy 10
Admin 10
Popular Topics(Views)
280,437 Are you busy
213,510 Re: Forum
200,399 Need opinion
Powered by UBB.threads™ PHP Forum Software 7.7.5