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Insurance requirements way up?

Discussion in 'Business Fundamentals' started by lawn king, Oct 28, 2009.

  1. lawn king

    lawn king PlowSite.com Addict
    Messages: 1,070

    Looking at the spec sheets on commercial work, im guessing there were some serious incidents/lawsuits last season? Some of the supermarkets want a liab. umbrella of 5 million, crazy?
     
  2. xtreem3d

    xtreem3d PlowSite.com Addict
    Messages: 1,548

    i'm required to have 5 million liability...i agree it's an awful lot but i couldn't get the work if i didn't have it. i guess it helps weed out "lowballers"
     
  3. Mark Oomkes

    Mark Oomkes PlowSite Fanatic
    Messages: 10,857

    I have one customer who bumped their requirements WAY up.

    Their price will be going up, since they are the only one asking for that amount of coverage.
     
  4. tjlands

    tjlands Senior Member
    Messages: 575

    Johnson Controls is the only company that ever wanted a 5 million policy, personally I think it is allittle overkill.
     
  5. Ne1

    Ne1 Senior Member
    Messages: 370

    5 million is a bit much. I would just include the added coverage in the bid. JMO
     
  6. DellDoug

    DellDoug Senior Member
    Messages: 425

    5 million has become quite std on most retail jobs here in Toronto. We just carry it full time these days. :dizzy:
     
  7. AC2717

    AC2717 Senior Member
    Messages: 669

    one of the major reasons: lawyers and accountants wanting to make sure their customers, which are those you are plowing for, are protected and Indemnified as much as possible