Music, what if I told you that your company could be at risk for an unfavorable audit and potential denied claims? This risk is due to not having the proper risk transfer controls on subcontractors in place. Are you being provided with certificates of insurance naming you as an additional insured on CG 2010 and CG 2037 endorsements? Are you having your subcontractors sign hold harmless agreements? Are you making sure they're insured for the type of work that they are doing? If you answer no to any of these questions, you could be at risk for potential unfavorable audit or denied claims. For example, we had a contractor in the state of Mississippi contact us with a particular endorsement built into his policy. Unfortunately, he was not collecting and maintaining certificates of insurance naming him as an additional insured on his general liability policy. After going through an audit, he was charged $118,000. Another example involves one of our clients in South Texas. They called us with a potential claim and the first question we asked was, "Are you using an insured subcontractor?" Of course, they were, and our advice was to go ahead and file it on that subcontractor's policy. Unfortunately, the subcontractor made the first payment but let the policy lapse on the second payment. After providing our contractor with a certificate of insurance, luckily our insurance became primary and we paid $90,000 on that open-roof claim. To avoid these situations, make sure your general liability policy does not include a subcontractor warranty endorsement. If you would like for our agency to take a look, give us a call at 855-766-3980 or feel free to drop us an email at app@rooferschoiceinsurance.com.
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SubContractor Warranty Form: What You Should Know
Subcontractor — Warranty Form Sample. Sample of a subcontractor _______ warranty. Free Contractor Warranty — Sample — Samplers If the work to be performed is, in whole or in part under subcontract or with sub-subcontract, the customer is required to sign a Contractor — Warranty and Waiver form. The following should be included in the Contractor- Warranty and Waiver. (i) The date of the conclusion of the agreement; (ii) The name of the contracting party, (iii) The name of the firm performing the work, and the name of the subcontractor or sub-subcontractor under contract; (iv) A detailed description regarding the work in question and the date and place of the work performed and the date and place of correction of the work; (v) The estimate of the cost of the repair to be made or the cost of replacement, which should include cost for materials, labor, and parts; (vi) The estimate of time to perform the work, which should be an accurate estimate on the work in question. (vii) The name of the owner of the construction project or the project contractor; (viii) The name of the contractor; (ix) The name, address and telephone number of the sub-subcontractor or subcontractor under contract, if there has been a change in ownership of the construction project or project contractor; (x) The approximate value of each defective component and parts and a statement that if the total cost of the defects does not exceed one hundred fifty dollars, the contractor will repair the work. Waiver and Conforming Statement. If the work to be performed or repaired, whether on commission or subcontract or under contract shall be carried out or performed at the time of or before completion of the contract, the customer or the owner shall cause a copy of the Contractor — Warranty to be filed with the city clerk of the municipality or town in which the work to be performed or repaired shall be performed, or where repairs shall be made to make, in the case of repairs, the building or public improvement to which the contract relates. The Contractor — Warranty shall be executed under the penalties of perjury. The Contractor — Warranty shall conform to the provisions of the Uniform Commercial Code and Section 50-9a.
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