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The Construction Insurance Specialists

At ISU-The Olson Duncan Agency, we have the tools and the talent to properly insure and manage the risks of the construction industry – from builders to designers, contractors and trade specialists. In addition to our markets and product solutions, our staff continually keeps updated on the latest insurance requirements that construction clients will run into, which is key in making sure you are well protected when signing on the dotted line for your next project. We will help you identify the risks associated with your projects and make sure that the policy terms and limits are adequate to cover potential losses.

Construction Insurance You Need

There are a number of key coverages that make up a total insurance solution for the construction industry, including:

  • Commercial General Liability (CGL) Policy: This policy creates the foundation for coverage, with other policies acquired to coordinate coverage depending on the particular job or circumstances. It provides you with insurance for bodily injury and property damage to a third party. It is important to note that a CGL policy does not cover the cost to repair defective work, only damage resulting from that defective work.
  • Contractor’s Pollution Coverage: Provides coverage for third-party claims for bodily injury and/or property damage along with coverage for remediation costs associated with pollution incidents resulting from your covered operations as a contractor. This type of policy is most useful to contractors involved in paving, infrastructure, maintenance, mechanical, demolition, industrial, excavation, grading, HVAC, carpentry and pipeline and tank installation.
  • Professional Liability Coverage: As an increasing number of contractors are performing work as designer-builders, the responsibility for the design and any corresponding related liability exposures that result in financial damage to a third party due to an error or omission rests with them. Coverage for this type of professional liability is typically not provided under a CGL policy.
  • Builder’s Risk: Protects you from certain named perils while the building is being constructed. Typically, construction contracts require the owner or the general contractor to purchase a Builder’s Risk policy. A Builder’s Risk policy can cover both the structure itself and can also include coverage for materials, whether already on site or waiting to be installed or transported to the jobsite. These policies are usually written for specific terms of duration and will provide coverage from a variety of events, most commonly fire, wind, theft, lightning, hail, explosion and vandalism.
  • Umbrella Liability Coverage: Provides coverage for amounts above the liability limits under primary Liability policies.
  • Workers Compensation: Protects one of your most valuable assets – your employees if they are injured while on the job. Workers Compensation will take care of their medical bills and pay their lost wages while they recover.

We also provide many other coverages as part of a complete insurance portfolio for contractors, including Property, Contractors Equipment, Installation Floater, Employment Practices Liability, etc. In addition, we can also assist you with your bonding requirements and needs.

It’s A Wrap

Larger construction projects are complex with the owner and general contractor facing a host of unpredictable variables. The Liability insurance program implemented can lead to a construction project’s long-term success or disastrous ruin. For potential financial advantages, coverage enhancements, collective coverage uniformity, and coordinated claims handling, wrap insurance is available. This provides General Liability and/or Workers Compensation and Excess/Umbrella insurance for all participating contractors on a construction project under one primary insurance policy – from the project’s construction phase to its completed operations phase. A wrap can also provide you with continuity of coverage after a project is completed, critical as the potential for liability remains. Our staff will discuss the benefits of this approach and whether it’s right for you and your projects.

Looking at Risk from All Angles

ISU-The Olson Duncan Agency also offers key risk management services that include safety programs and loss control, experience modification management, HR services and claims management through our carrier and consulting partners. Our objective is to help you mitigate your risk and minimize your losses for healthier profits.

Our Value

At ISU-The Olson Duncan Agency, we look to provide clients with a total solution, not simply a quote or an insurance contract. Our goal is to provide real value and build a long-term relationship based on trust. This is underscored by the fact that we provide our clients with their risk management and insurance solutions, including property & casualty, employee benefits and personal insurance. To find out more about how we can help you, call us at (310) 373-6441.