Construction Liability Insurance & Commercial Bonds
for Kingsburg, Fresno, Selma, Hanford, Dinuba & Visalia, CA and surrounding cities
Solid Protection For Contractors
Despite erecting temporary safety restraining walls, placing warning signs and employing many other safety precautions, it’s not unusual for third parties to become injured parties during the normal course of construction. And, despite all these precautions, accidents will happen. Because a litigious environment exists, opportunistic individuals apply a “deepest pockets” mentality when deciding who to sue. A business owner is a typical target, and this includes contractors and builders.
Construction liability insurance affords protection to contractors from a financial hardship that occurs when a third-party suffers bodily injury, property damage or personal / advertising injury related to a contractor’s work.
In addition, due to the high risk involved, contractors are often required by potential clients to provide proof of construction liability insurance in order to be accepted for a project. In fact, many contractors report that their clients want to be named on this policy as an Additional Insured. Your Kingsburg Insurance professional can provide the documentation necessary to honor this request.
Coverage That Works For You
Your construction liability insurance policy provides many forms of protection against third party damage claims resulting from the operations of an insured contractor business. While coverage does not include faulty workmanship or damage to the insurance work it does apply to any claims of bodily injury, property damage, product and completed operations, medical payments and personal and advertising injury. Following is a brief explanation of these coverages:
Bodily Injury
Covers injury, sickness or disease sustained by a person, including death.
Medical Payments
This coverage pays for medical expenses as a result of bodily injury caused by any accident that occurs during the policy period.
Property Damage
Covers damage to any real property, including any loss of use of said property
Personal and Advertising Injury
Although it’s not a common issue with contractor general liability claims, this coverage protects you from claims of injury that arise from false arrest, malicious prosecution, wrongful eviction, use of another’s idea in an advertisement, copyright infringement, or publication of material that slanders, libels or violates a person’s right to privacy.
Commercial Bonds
Sometimes mistaken for insurance, a Commercial Bond is, for all intents and purposes, a guarantee. That guarantee is predicated on the language written in the bond. Every Commercial Bond involves three parties:
- The Principal – the business that will be doing work according to a contractual agreement and/or obligation.
- The Oblige – the party receiving the obligation.
- The Surety – The party that ensures and guarantees the principles obligations will be performed as specified.
A Commercial Bond guarantees the terms of the bond form. Please note that it differs from a contract surety bond, which guarantees a specific contract.
Our construction and bonding professionals will assist you in the steps needed to obtain any type of bond needed, including:
- Surety Bonds
- Construction or Bid Bonds
- Performance or Payment Bonds
- Occupation Licensing Bonds
