It is critical that your Contractor has the Insurance required to protect your home and building project. There are three types of Insurance that need to be addressed when Remodeling your home or building an Addition.
The first is General Liability Insurance with the Contractor and Subcontractors providing proof of their insurance coverage. The homeowner should be indemnified and held harmless from all claims in all of the policies. The Policy Limits need to equal or exceed the liability of your building project.
The second insurance that the Contractor and Subcontractors need to provide and maintain is Workers Compensation Insurance. This is a requirement of state law that protects workers injured or disabled form a job related accident. If they are exempt from Workers Compensation Insurance then they need to provide verification of the exemption.
The third insurance that needs to be provided is Builders Risk Insurance. This insurance provides coverage for the full cost of replacement of damages to the project and adjoining structures at the time of the loss. This can be a very complex issue that needs to be thoroughly examined for adequate protection.
Let Prairie States Inc help you understand the Insurance required and the limits necessary for your project. Prairie States Inc will work with your Bank and Insurance Agent to make sure your exposure is limited. Prairie States Inc will also provide an Insurance Log and Verification of Coverage during the construction project.
Contact us at prairiestates@sio.midco.net to discuss the Professional Services provided by Prairie States Inc to help you with your Building Project.
