For those of you who are too busy to read and digest the detailed, but important information in my first post about Everest / Sirius America, here is the "skinny" if you get a quote or own a policy. This where they fit in the market place;
UNDERWRITING GUIDLINES: Broad, the great thing about Sirius is that they will write a lot of accounts that most companies won't touch. They will write Residential GC's, frame construction and better. Condo projects, renovation projects, typically anything residential or commercial. This is why I said "I much prefer a market with them in it". They write the tough classes.
THEY WON'T WRITE: Roofers, Waterproofers, Scaffold Companies, or most other trade classes that go up on ladders or scaffolds.
TERRITORY COVERED: New York State (including the boro's on NYC)
PRICING: Typically based on cost of sub's if your a G.C. which is better than cost of sales. There pricing is "fair". On the better accounts with excellent loss history they will be very competitive on the tougher classes, they tend to be higher, because they know their competition is very thin at best. Truth be told they could probably get more for that Frame project going up in the Bronx than they are. No one else wants it.
BE CAREFUL OF: Endorsement # ECG 21 594 12 05 (Exclusion of Coverage) . This endorsement imposes very strict, and meticulous paper work administration by the coverage General Contractor, and or Developer for coverage to be triggered. For a more detailed explanation please refer to my first Everest Insurance Company post. Endorsement # ECG 99 506 12 05 (Classification Limitation) This endorsement effectively limits coverage to whatever trades are listed on the declarations page of the policy when issued. Please be sure before you sign the application to bind coverage that any and all trade work that you do is properly reflected on the application. If you are a roofer, and it only lists painting on the application, than you my friend have no coverage for any claim that results from roof work. Game , Set, Match! Endorsement # ECG 99 510 12 05 (Minimum & Earned Premium) in a nut shell if the result of the audit reveals that your "premium basis" in most cases " cost of sub's" is less than what you originally applied for, you will NOT receive a refund. Conversely, if the "premium basis” is more, than you will receive an audit bill. This is not a discussion about what's fair, I am just telling you what it is so you can understand it, it's ramifications, and ultimately manage it to your advantage. Please ask for "Blanket Additional Insured" endorsement. Currently it's "as on file with the company". Problem is they never confirm back to the insured client whether your specific request to add an additional insured on the policy was ever complied with. That's a problem if you deal with City Agencies, and Lender relationships. The company itself has a very difficult time tracking that. I make a habit of printing my clients certificate list from the prior year, and making it part of the application. I refer specifically to attachment A (Additional Insured List) on the application, and ask the company to bind coverage consistent with my application. No ambiguity there. On Additional Insured Certs order during policy term, get confirmation from the company the request was received. This will save you many headaches when the construction client, lender, and City Agency are all sued, and all looking to our G.C. client’s policy for defense and indemnification. If I missed anything you would like to know, or you know something I have not addressed, please post a comment on the site, and share for the benefit of all.
For those of you who are too busy to read and digest the detailed, but important information in my first post about Everest / Sirius America, here is the "skinny" if you get a quote or own a policy. This where they fit in the market place;
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