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

["Crash Gordon" <webmaster@xxxxxxxxxxxxxxxxxxxxx>]

BTW...you can negotiate this stuff when buying/renewing your policy. This
past year, I told my agent if I renew with him I DONT want to pay for
additionally insured...he said no problem.


"Crash Gordon" <webmaster@xxxxxxxxxxxxxxxxxxxxx> wrote in message
news:gpgQf.15$nA5.547@xxxxxxxxxxxxxxxxxx
| 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
|| >>
|| >>
|| >
|| >
||
||
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