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General Liability

Discussion in 'Business Fundamentals' started by Stan, Sep 1, 2011.

  1. Stan

    Stan Senior Member
    Messages: 579

    Looking for some feedback on this quote. The area is Long Island where everything is high dollar. Is anything missing?


    General Liability
    General Aggregate – 2,000,000
    Products/Comp Ops – 2,000,000
    Personal & Adv Injury – 1,000,000
    Each Occurrence – 1,000,000
    Fire Damage – 100,000
    Med Payments – 1,000
    **Includes 12 Additional Insured Blanket**
    For Binding: 25% Minimum Earned
    30% Deposit
    Signed & Completed Appl
    Signed Terro
    Signed Affidavits & Total Cost form

    Premium: $5500/+3.8% Stamp/Tax/Fee:$100/Insp:$100.00 (per loc.)/Terro: 5%
     
  2. grandview

    grandview PlowSite Fanatic
    Messages: 14,609

    In Buffalo for the same coverage I pay 1,100.00 what is your deductible?
     
  3. lilweeds

    lilweeds PlowSite.com Addict
    Messages: 1,178

    In PA I'm at about $800. What is the gross income amount it's based off of?
     
  4. mpgall26

    mpgall26 Senior Member
    Messages: 228

    I'm just getting started this year and cannot project income. I was quoted 1750 today for similar GL by Arbella.
     
  5. grandview

    grandview PlowSite Fanatic
    Messages: 14,609

    Next year at renewal time they will ask you about revenue and will adjust your premium then.
     
  6. Stan

    Stan Senior Member
    Messages: 579

    There is no deductable
     
  7. grandview

    grandview PlowSite Fanatic
    Messages: 14,609

    Get at least a 1,000.00 deductible to lower your premiums.
     
  8. Stan

    Stan Senior Member
    Messages: 579

    We'll give that a try, thanks
     
  9. Stan

    Stan Senior Member
    Messages: 579

    No deductible available on large lot policies. Any feedback would help
     
  10. grandview

    grandview PlowSite Fanatic
    Messages: 14,609

    What do you mean "large lot policies"?
     
  11. Stan

    Stan Senior Member
    Messages: 579

    Based on large shopping malls. Not sure if that meant a difference but the info I had given.
    Will contact the reference...thanks Scott
     
  12. Stan

    Stan Senior Member
    Messages: 579

    "Hi Stan, looking back at your original e-mail showing the premium at $5,500, I cannot come close to that. I just heard back from my Non Admitted underwriter and premium would start at $20,000"

    OUCH

    .
     
  13. grandview

    grandview PlowSite Fanatic
    Messages: 14,609

    Who quoted the 5,500 or is that what your paying now?
     
  14. Stan

    Stan Senior Member
    Messages: 579

    Thats what I'm paying now
     
  15. lilweeds

    lilweeds PlowSite.com Addict
    Messages: 1,178

    Try Farm Family or Hortica. I assume you landscape in the off season?