"we have never seen the rates this low", says Julie Karubian, CFO of Brilliant Insurance Services
Woodland Hills, CA (PRWEB) October 01, 2011
http://www.Insure-Contractor.com, a website owned and managed by Brilliant Insurance Services, is a site dedicated to providing insurance for contractors in California. Several new programs with sizzling hot rates have come into the marketplace and have highly competitive pricing.
The insurance programs are being managed by Julie Karubian, an extremely talented insurance broker, who has been quoting contractor insurance in California now for ten years.
According to Julie, the rates available in today's insurance marketplace are almost half of what they were 3 years ago. When asked why the rates are so much lower than before, Julie states, "Once the property 'bubble' popped, people weren't able to draw equity out of their homes and remodel parts of their homes like they were doing before...in turn, the contractors have really suffered."
Unfortunately, contractor’s general liability is something that many have been operating without. This fact not only exposes the contractor to claims, but puts their customers at serious risk. We are seeing a lot of contractors who decided to forego their General Liability coverage due to monetary constraints and had client file construction defect claims against them forcing them into bankruptcy because they couldn’t afford to pay the claim. In California, the only form of indemnity required to maintain a contractor’s license is a surety bond in the amount of $12,500 and is monitored by the Contractors State Licensing Board (the CSLB). Additionally, they also require that evidence of Worker’s Compensation be provided for those contractors that have employees. The irony is that the CSLB does not require general liability insurance! The surety bond has a low limit of coverage and certainly doesn’t cover what the commercial general liability insurance covers.
According to Julie, "At today’s prices, there is absolutely no reason a contractor can’t carry the proper coverage. It’s for everyone’s benefit”. A lot of insurance carriers are now offering low priced plans without any Sunset Clauses, Manifestation Provisions or Shared Aggregate limitations. Furthermore, Julie is slowly seeing both Artisan and General Contractors come back for coverage again because their work load is starting to pick up.
Plumbers, electricians, painters, roofers and remodelers are among some of the most common applicants but paving contractors, concrete contractors, commercial developers are also among Julie’s area of expertise.
Another change in insurance that Julie has witnessed recently are “Additional Insured” premiums. Most insurance companies are now including this for contractors at no additional charge. “Insurance companies are quite hungry for the business and doing whatever it takes to maintain a happy client base”, says Julie. This is an important change for contractors because General Contractors must require their subcontractors to produce Certificates of Insurance naming them as Additional Insureds for any work that they perform.
Because Julie realizes that contractors don’t like paperwork she’s more than willing to assist them with their applications and to make the insurance process as easy and fun as possible. Julie also believes in excellent customer service and does everything in her power to make sure that her contractors receive their Certificates of Insurance in a timely manner to keep their work flowing as smoothly as possible.