Was just dumped by Utica First, Ins. Co. Utica NY. I’ve been paying them $2000 per year for the past 5-6 yrs. NO CLAIMS. I’m honest to the point of fault. They insist on phone interview each year before renewal. So in the coarse of the interview, I’m asked the scope of my work. They ask about flooring, so I say, yes, one this year, hardwood, grind and finish, room was 16×9. Usually I sub this out, but here it made sense for me to do it. I get a letter of ins. cancellation 4 days later BECAUSE OF FLOORING OPERATIONS. ???????????????????????
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That sucks. I have Utica as well and I have to behave like someone being sued in the interview...I try to say as little as possible.
I won't lie either, but it is damn frustrating I can't get liability for a decent price having been at it for a while with no claims.
Don't even get me going on Workers Comp, which in NYC costs 4-5 times liability. I got audited 3 times last year.
i just got dumped by erie insc. (late payments)they were pretty good about the same price but the mortgage had to come first
noah
Insurance is getting to be a major deal. here's why..
Insuranace company makes little profit on the actual policy. The profit center comes from depositing the payments into funds and investing those funds profitably.
The stock market has taken a 40% loss lately so any profits have disapeared. In fact a lot of the core which allows them to meet the requirements for insurance so they have to get rid of those customers.. keeping only the most secure as their core..
I got dumped by my previous company because I installed windows and doors.
I asked them just what they thought a carpentry company did.
Their response was I was supposed to sub it out.
So I asked them if they wanted me to sit behind my desk and sub everything out.... their reply was no we won't insure "Paper Contractors" so I needed to work on the site doing the work.
WTF????
Insurance companies are dumping areas where the profit doesn't meet projected numbers..
They've all taken a big bath lately and are exposed to a lot more loss in the future..
Insurance companies have already been to the hill whining and didn't get any help. but start to read their statements and you will see the real truth..
In the 30 years as a member of our vol fire department, I can count up 7 major house fires that have been caused by the floor finishers. Most times from them failing to remove the bags of dust.
Thats why they cancled you, but tell them that you sub that out, then they will say you are a GC and either cancle or raise your rate about 10 fold.