Originally Posted by FremontREO
I would love to tell ya why these companies want to be listed on EVERY policy a contractor has as an additional insured but I can't until the Statute of Limitations Expires.....
Some of us already know.
Hell I don't have statutes of limitations on me. lol
Plain and simple if they are additional insured (AI) they are able to turn a claim into your ins at any time they wish. Leaving you stuck with paying the deduct each and every time.
Along with requiring each contractor to have 1 mil coverage they are now able to go to the bank and BS the bank into thinking they carry a $100 million policy to protect their assets.
This is the reason that agents such as mine, and others, recommend NOT giving all these service companies AI on your policy. Instead giving them cert holder.
In response the service companies like Safeguard start requiring you to buy insurance, yes I said REQUIRING, from their favorite ins companies and then denying your coverage from a local agent as not good enough.
Reason for that is these guys favorite companies have negotiated DEALS, like politicians, with these exclusive ins companies so that the service companies are much easier to issue back charges on your insurance policy. Causing your rates to increase big time over some thing that you have no control over.
Sound like BS???
It does to me too.