Logan Lavelle Hunt Insurance Agency, LLC

Attention Builders: Keep Your Workers Comp & General Liability Insurance Costs Down by Gathering Certificates

While Stan Logan, Jr. of Logan Lavelle Hunt Insurance says that builders are doing a better job of gathering certificates for both workers comp and general liability audits, he would like them to be aware of the following:

When a builder requests to be listed as a certificate holder, the insurance carrier will endeavor to notify the builder in the event of change or cancellation of the policy. However, the words "endeavor to" are very important. This is not a guarantee. In fact, some insurance companies do not even try to notify in the event of a cancellation.

If an auditor learns that a builder has an invalid certificate due to early cancellation, the insurance company will charge a premium for having no insurance. Therefore, it is important to check on certificates several times a year.

National Underwriter Buyers Report: Risk Managers Must Be Fleet Champions [see article] -June 13, 2005