As inflation increases the price of materials, labor, and homes that general contractors are working on, it is important for contractors to ensure they have the right amount of coverage limits. Contractors working on high-value homes generally need higher general liability (“GL”) coverage limits due to the increased potential for larger and more expensive claims.…
When a claim or loss exceeds the limits of coverage provided by a general contractor’s (GC) insurance policy or indemnity agreement, the consequences can be severe. This article will dive more into general contractor coverage limits. If a claim exceeds the general contractor’s coverage limits, the GC can be responsible for the amounts in excess…
When it’s time to hang up your toolbelt and retire, one of your top checklist items may be to cancel your commercial insurance coverage. You have found a buyer or maybe you are shutting down the business altogether, and ending your coverage seems like a logical step before you sail off into the sunset. Or…
Are you a home builder in Louisiana looking to expand your knowledge about claims and connect with fellow professionals in the industry? If so, mark your calendars for March 19th from 8:00 AM to 9:30 AM for an event hosted by the Louisiana Home Builders General Liability Trust (LHBA GL Trust) and the Southeastern Louisiana…
If a homeowner presents a complaint for an item that is out of warranty, as a home builder, you should try to handle the situation with professionalism and care. Managing homebuilder customer complaints is an important part of maintaining your reputation and word-of-mouth referrals. Here are some recommended tips. Report the Complaint to Your Coverage…
Protecting yourself may not be high on your “to-do” list as a residential builder, but it should be. While you may be busy with subcontractor scheduling, ordering materials, banking and HR issues, and so on, you may be ignoring the most important aspect of your business, you. Many general contractors don’t always know what kind…
As a residential builder, protecting yourself should be a priority. Here’s why and what you can do: Importance of Protection While managing subcontractors, ordering materials, and handling various business aspects, it’s easy to overlook personal protection. However, ensuring you have the right coverage is crucial. Not being adequately protected can lead to severe financial consequences…
According to Quality Built, LLC (a national leader in third-party QA inspections), the top 5 most common issues involved during their construction inspections nationally were: The LHBA GL Trust has been presented with more than 750 claims in its 20+ year history, and its claims breakdown looks like this: The LHBA GL Trust Difference –…
What is a Best Practice? The Cambridge Dictionary defines Best Practice as: “a working method or set of working methods that is officially accepted as being the best to use in a particular business or industry, usually described formally in detail.” Home Builders should be following industry best practices while overseeing workers, promoting safety, while…
When comparing mediation vs. arbitration, both processes involve finding a resolution to disputes, and both involve a third party (a neutral mediator or arbitrator). However, the method by which resolution is reached is completely different between the two. In mediation, the parties mutually select an impartial third-party to help them reach agreement over a disputed…