ECN Electrical Forum - Discussion Forums for Electricians, Inspectors and Related Professionals
ECN Shout Chat
ShoutChat
Recent Posts
AC-DC stage Ultra-Fast charger, how it's made?
by libellis - 06/25/22 12:17 PM
Childrens safety outlets
by HotLine1 - 06/25/22 10:22 AM
Your favourite food?
by NORCAL - 06/16/22 12:06 AM
Price action trading with RENKO
by gfretwell - 06/15/22 02:08 PM
Please Help Wiring DCDC Buck Converter
by gfretwell - 06/15/22 01:58 PM
New in the Gallery:
240/208 to a house
240/208 to a house
by wa2ise, October 9
Now you know.
Now you know.
by Tom_Horne, September 7
Who's Online Now
0 members (), 28 guests, and 19 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?

Latest Estimating Cost Guides & Software:
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
MarkC10
MarkC10
CA, Inland Empire
Posts: 43
Joined: September 2013
Top Posters(30 Days)
Trumpy 7
triple 3
dobler 2
Asset 2
Popular Topics(Views)
292,910 Are you busy
224,940 Re: Forum
210,368 Need opinion
Powered by UBB.threads™ PHP Forum Software 7.7.5