If you are a general contractor, you know that you are exposed to so many risks. The following highlight actual insurance claims that could happen to anyone in the business.
Two Insurance Claim Scenarios
- 1. NJ Bodily Injury Insurance
Mike was a general contractor that employed a masonry contractor, named Tom, to construct a wall surrounding the front part of a recently built dwelling. In the course of work, a stone that was intended for the wall remained on the adjoining sidewalk. It didn’t take long for someone passing by to trip on the stone. The injured man incurred a fractured ankle. Associated medical bills totaled $7,500. The injured man sued Tom, the masonry contractor, for negligence and Mike, the general contractor, for failure to ensure the maintenance of a clear and safe walkway. Tom’s insurance disbursed $7,500 and Mike’s insurance paid $5,000.
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- 2. NY Property Damage Insurance
Sammy was a general contractor that hired a roofing contractor to redo the roof of an office building. After the original roof was taken off, a sudden thunderstorm began. Ensuing property damage resulted in $15,000 repair work. Because the roofing contractor’s insurance was terminated 2 days before, without any renewal, Sammy’s general contractor insurance was required to pay the entire $15,000.
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Summary: There’s a reason why general contractors need tailored insurance coverage. These related claims explain why.