Although most restoration contractors have not envisioned themselves in the
past as providers of “Environmental Services”, the advent of
universal mold exclusions and their work with water and drying in the indoor
environment have moved Restoration Contractors into the realm of Environmental
Contractors for insurance purposes.
The liability insurance package policy in
our program combines Commercial General Liability insurance
with Contractors Pollution Liability and Professional Liability
insurance including coverage for fungus/mold related claims
into a single policy. Combining the coverage parts into a
single policy and sharing the same limits of liability saves
premium dollars. The package policy also facilitates settling
claims in the event of a loss pertaining to more than one
line of coverage.
The professional liability coverage part
in our package policy is generally not available in the insurance
market place to restoration contractors; for firms with degreed
professionals on staff this coverage part is an important
part of the insurance package. The insurance program is being
provided by an A M Bests “A”, XV insurance company
with a long, stable and respected presence in the environmental
insurance market place.
The Environmental Services Package Policy
combines occurrence based Commercial General Liability and
Contractors Pollution Liability with claims made Professional
Liability into one insurance policy sharing common policy
limits of liability. The ESP policy is usually less expensive
than purchasing separate policies to insure these same loss
exposures. Package policies have superior claims handling
attributes than purchasing separate policies.
Premium and Limits:
Minimum Premium $10,000 for the Environmental
Minimum Deductible $10,000 on the Environmental Services Package
Maximum Policy Limits Up to $25,000,000
Contractors Environmental Liability Available as a single product.
Minimum premium $4,000
Policies are available in US and Canada.
The contractor’s customers can automatically
be named as additional insured’s on the General liability
and Contractors Pollution Liability policies. A special endorsement
has been crafted to add third party claims administrators
and property insurance companies as additional insured’s
on the policy.
The rates for commercial insurance vary
a great deal depending on the amount of insurance purchased,
the revenue of the insured, the mix of business, deductibles,
the state the insured is located in, and past losses. We
are constantly monitoring the insurance market place for
insurance pricing and quality. We are confident that our
insurance program offers an outstanding value, especially
if the environmental insurance coverage and professional
liability are taken into account.
Contact Us today to get your quote!