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What is Rigger’s Liability Insurance?

What is Rigger’s Liability Insurance?

For contractors, the landscape is always changing. Many General Contractors are now using insurance consultants and certificate clearinghouses to verify insurance coverage and endorsements. When third-party insurance administration comes into play, you begin to hear new terms such as “Rigger’s Liability.”  What is Rigger’s Liability? Rigger’s liability insurance is a specific form of insurance coverage for contractors. It is insurance that covers a contractor’s liability that arises out of the movement of property and equipment belonging to others. A common example of this would be a company who lifts air conditioning units by crane to the top of a building. As stated above, this is liability insurance which covers property damage to others, but not property damage to the rigger’s own equipment. Do I Have Rigger’s Liability Coverage? If you regularly use cranes or other equipment to move or haul equipment belonging to others, you probably have rigger’s liability insurance coverage in place. We recommend that you review your policies to be sure, or contact your broker. If moving property or equipment of others in this manner is incidental to your other business activities (meaning it if often unplanned and only happens once in a blue moon) then you may be covered by your Commercial General Liability insurance policy. This is another instance where you should talk to your broker. How Can I Get Rigger’s Liability? If you are in the business of moving the equipment and property of others, then rigger’s liability should be a component of your business insurance portfolio. This can be done as an endorsement on your commercial general liability insurance policy or written as...
Limited By Your Business Insurance?

Limited By Your Business Insurance?

As a business owner, it is natural for you to always be looking for ways to make a profit. Sometimes these ideas come in the form of new products and services that you can provide to customers. Innovation is important in any industry, but there might be one small hitch in your plans. Does your current insurance policy cover the new service or product? How can you tell? General Liability Policy Hazards On your general liability policy (or your package policy that includes liability) there is usually a page that lays out the hazards and rates. This page includes the following: Class Code. This is a five-digit code number that is assigned to each and every industry component. What your business does will fit into one or more class codes. For example: 91560 – Concrete Construction 97447 – Masonry Some are even more specific, such as restaurants, where classification options include whether alcohol is sold, how much is sold, and whether there is table service. Description. This is a brief description based on the class code number. Rating Basis. This is where your premium amount comes from. Each class code has a basis, which can be area, subcontractor costs, payroll or gross receipts. Rate. This is how the premium is calculated. Insurance companies set rates for class codes and then multiply them by the rating basis to get the premium they will charge. It is a good idea to review this page with your insurance broker to be sure that your business is classified correctly and that all components of your business are accounted for. Sometimes insurance companies will...
Commercial Lines Insurance Checkup

Commercial Lines Insurance Checkup

No matter when your annual insurance policies begin or end, the new calendar year is always a good time for an insurance checkup. Pull out your policies, get your broker on speed dial, and consider these questions: Did You Hire Any New Employees? New employees can affect your insurance policies in many different ways: Workers compensation payroll may be increased, resulting in an increase in premium at audit. Auto insurance: while most new employees don’t affect your insurance premium, a new driver with a questionable or bad driving record could increase your premium or put your coverage in jeopardy. All new employees should be added as drivers to your policy upon hire, even if you don’t think they will be driving. General Liability: more employees means more work completed, which could result in more revenue. This could increase your premium at audit. Did You Move? If your office moved, did you inform your broker or insurance company? A larger or smaller premises may affect your liability insurance premium. The materials and construction of your office structure have an effect on your insurance premium, so it is important to inform your broker if you have moved. Real property coverage is not transferable so if the wrong location address is on your property insurance policy you may be paying for coverage on a building and business personal property that will not be valid in the event of a claim. Flood insurance is also not transferable, so you will need to cancel your old policy and purchase new coverage on the current location. Other types of nontransferrable coverage include boiler and machinery...
New Year Commercial Insurance Checkup

New Year Commercial Insurance Checkup

End of year is busy for many businesses. Your company may be occupied with closing out the books for this year or doing strategic planning for next year. While you are putting 2016 to bed, now would be a good time to quickly review your current insurance policies, especially commercial insurance. Here are 4 steps to help you do that. Step 1: Round ‘Em Up Have you received paper or electronic copies of your policies? If so, do you know where they are located? Who has access to them? It is recommended that they be filed in a fireproof box, electronically, or at an alternate location. Broker contact and claim information should be distributed to key personnel so that it can be easily accessed in the event of a claim or catastrophe. Step 2: Inventory What You Have All of those policies you’ve purchased don’t mean a thing if they aren’t up to date. Here are things you should check with your basic policies before the new year: Commercial General Liability: Check your limits, deductibles and exposures. Do you have coverage for all locations and aspects of your business? Commercial Property: Have you purchased any new real estate or contents in the last 12 months? Was your insurance broker made aware of this new property? Have you received a recent appraisal that would affect your policy limits? Automobile Insurance: Do you have current auto ID cards for all insured vehicles? Have you purchased any new vehicles or sold/traded in any old ones? Have you made changes to any current vehicles that would affect their value? Are all of your...
Discrimination and the Sharing Economy

Discrimination and the Sharing Economy

The United States has, over many decades, grappled with discrimination issues. The current social and political climate with regard to racial discrimination, age discrimination, gender identity, and even sexual orientation only seems new because the media and the Internet make it seem so. Earlier this year a transgender woman was denied a room by an Airbnb host. A blind woman with a service dog was denied a ride by an Uber driver. Fortune.com recently wrote about all forms of discrimination in the sharing economy. There is a murky line between federal anti-discrimination laws such as the Civil Rights Act of 1968 and the rights of private citizens to decide with whom they will interact.  Cases are making their way through various state and federal jurisdictions trying to determine where one person’s rights end and another’s begin. Despite the unanswered questions of legality, lawsuits on the topic are being filed every week. If you drive for a ridesharing service or list your home on a homesharing site, this is what you need to know about insurance coverage in the event of a discrimination claim. Auto Insurance & Discrimination Is there coverage for discrimination on your auto insurance policy? This one has an easy answer: there is no coverage for discrimination under the Personal Auto Policy (PP0001). The liability portion of the policy states it will pay for bodily injury claims as the result of an auto accident and does not contemplate non-accidental injury. In additional, there is an exclusion for intentional injury, as well as the standard exclusion for injury caused by vehicles being used as livery or public conveyance....