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…
General Liability (GL) insurance coverage is required for all of Louisiana’s residential builders per Louisiana Revised Statutes 37:2156.1E; this statute requires at least $100,000 of GL coverage. The requirement for GL coverage can be met through liability protection provided by entities like the LHBA GL Trust. See La. R.S. 37:2156.1E. GL coverage can help cover…