ECN Electrical Forum - Discussion Forums for Electricians, Inspectors and Related Professionals
ECN Shout Chat
Top Posters(30 Days)
Potseal 11
Recent Posts
600 KW 120/208 3 Phase Y protection
by Yooperup. 07/21/17 09:27 AM
1913 American Electrician's Handbook
by gfretwell. 07/20/17 01:08 PM
Green House wiring
by ghost307. 07/20/17 09:10 AM
Permit Snafus...AHJs and Contractors Jump in
by HotLine1. 07/18/17 08:06 PM
New in the Gallery:
SE cable question
Popular Topics(Views)
239,229 Are you busy
174,628 Re: Forum
167,057 Need opinion
Who's Online Now
0 registered members (), 51 guests, and 9 spiders.
Key: Admin, Global Mod, Mod
Previous Thread
Next Thread
Print Thread
Rate This Thread
#156202 - 04/03/05 04:07 PM Another insurance question  
BobH  Offline
Joined: Oct 2004
Posts: 135
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?

Business, Office, Estimating, Legal:

#156203 - 04/03/05 05:22 PM Re: Another insurance question  
Dave55  Offline
Joined: May 2004
Posts: 697
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.


#156204 - 04/05/05 01:16 AM Re: Another insurance question  
kd  Offline
Joined: Dec 2004
Posts: 52
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!

#156205 - 04/05/05 11:29 PM Re: Another insurance question  
BobH  Offline
Joined: Oct 2004
Posts: 135
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.

#156206 - 04/06/05 10:37 AM Re: Another insurance question  
BobH  Offline
Joined: Oct 2004
Posts: 135
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.

Member Spotlight
Belmond Iowa US
Posts: 44
Joined: August 2005
Show All Member Profiles 

2017 NEC and Related
2017 NEC
Now Available!

Shout Box
Powered by UBB.threads™ PHP Forum Software 7.6.0
Page Time: 0.010s Queries: 14 (0.002s) Memory: 0.7680 MB (Peak: 0.9070 MB) Zlib enabled. Server Time: 2017-07-23 08:45:33 UTC