Re: Gota love your insurance guy.... unless

["Crash Gordon" <webmaster@xxxxxxxxxxxxxxxxxxxxx>]

Additional insured means if there is a problem that requires insurance
coverage that YOUR insurance will kick in first and cover the prime
contractor as well. You're buying insurance coverage for the prime.


"J Barnes" <trishnjames@xxxxxxxxxxx> wrote in message
news:vKOdnan81u73r4zZnZ2dnUVZ_tSdnZ2d@xxxxxxxxxxxxxx
| Your right Norm,  today I found out my agent represents the contractor.
The
| contractor had himself added as well as the owner of the building they are
| building.  I dont mind paying for additional insured, thats not the issue.
| The issue is my agent allowed someone else to add coverage to my policy.
|
| We cant always refuse to add the additional insured if we want the job.  I
| dont fully understand what additional insured is or what my options are
when
| obtaining this.  I guess its time to get some legal advice.
|
| I will be finding a new broker in the very near future though.
| James
|
|
| <2alarm@xxxxxxxxxxxxx> wrote in message
| news:jPVPf.810$96.494@xxxxxxxxxxxxxxxxxxxxxxxxx
| > Chances are, that your agent is also the agent for the
| > builder or general contractor and he wants to"spread the wealth"
| > as you might say, by adding the builder as an additional insured
| > on your policy, there-by reducing the premiums for the
| > builder or general contractor, who has a much bigger exposure than you.
| >
| > In effect you're covering the builder or general contractor
| > under your policy's "Joint and Several Liability" clause.
| > Which means you are allowing the builder or general contractor to
| > collect full coverage of a claim, even though you may only be
| > responsible for 5 or 10 percent of the damage.
| >
| > As an example, the house you are working on catches fire.
| > It cannot be determined who is responsible. But, the builder
| > has been assigned "additional insured" on all the individual
| > sub-contractors policies. He then makes a claim to all of the
| > policies. 10 different claims, 10 different sub-contractors, each
| > payout 10 percent of the entire claim. Your portion of the
| > building according to your bid was 1% of the total cost of the house.
| > Let's say a million dollar home. Your insurance carrier would have
| > to pay $100,000.00. Not what you expected, but it is reality.
| > It's a win-win situation for the builder and his insurance carrier.
| >
| > And then to top it off...your carrier dumps you.
| >
| > I'd find a new agent who carries the same insurance company.
| > I'd also notify the Insurance Commissioner in your state.
| > It sounds Bass to me----- I mean fradulent to me.
| >
| > Norm Mugford
| >
| >
| >
| >
| >
| >
| >
| >
| >
| > "J Barnes" <trishnjames@xxxxxxxxxxx> wrote in message
| > news:rNidndeKRYdiL5LZ4p2dnA@xxxxxxxxxxxxxx
| >> My insurance guy called today it went something like this.
| >>
| >> GUY: Hi we need you to pay for an Additional Insured request or we will
| >> terminate your coverage.
| >>
| >> ME:   What Additional Insured Request
| >>
| >> GUY: The one for "XYZ customer" you ordered back in August
| >>
| >> ME: I didnt order anything for "XYZ customer" in August or ever, by the
| >> way who is this "XYZ customer"
| >>
| >> GUY: I have the notes right here "ABC contractor" orderd the additional
| >> insured for "XYZ customer" to be added to your companies policy
| >>
| >> ME:  So you just added it,  without calling me or getting
authurization?
| >>
| >> GUY: Well it was required by "ABC contractor"
| >>
| >> ME: Then why didnt "ABC contractor" let me know I needed to order this?
| >> And why didnt you bill me back in August?
| >>
| >> GUY: Not Sure Ill Call you back
| >>
| >> Guy Calls Back:
| >>
| >> GUY:  I called "ABC contractor" he said you have a construction
contract
| >> you signed that requires the additional insurance.
| >>
| >> ME: Fine.... but why do you add this to my policy without my approval
or
| >> knowledge?
| >>
| >> GUY: You needed it and so you should just pay for it if you dont want
| >> your insurance coverage to cancel.
| >>
| >> ME:  Why dont you pay for it you added it without my approval.
| >>
| >> GUY:  I am not going to pay for this.....you need to its onlly 125$ and
| >> if you dont your insurance will cancel today.
| >>
| >> ME:  Ok,  I guess I have no choice come by and pick up a check.  And in
| >> the future dont add anything to my insurance without my knowledge or
| >> signature.
| >>
| >> Guy: click
| >>
| >> This is a scaled down version of my phone call but you all should get
the
| >> idea.  I am not sure what this guy was thinking but I dont think he
| >> should be able to get away with this.  Is this even legal?  I guess ill
| >> be shopping for a new insurance Guy.
| >>
| >> James
| >>
| >>
| >
| >
|
|