I have a $100K GLI policy that covers everything, from carpentry to roofing, new const./remodel. However, to work for local builders doing only new construction framing, I need a $1M policy. I called my provider and asked how much to upgrade my current policy, and he tells me $2800.
So, I call my WC provider and ask how much a NEW $1M new const. framing only policy would be, which was $1750.
I told him I would like to keep the existing policy to cover any remodels we do, and just get the new policy to cover framing on new houses. He said “You can’t do that–you’ll be double-insured.” That’s AFTER he originally told me “You might as well keep your existing policy b/c I can’t save you anything on it.”
So I tell him, “Fine, I’ll cancel the remodel policy, just get the new one ready.” Then he tells me, “Wait, lemme see what I can do on your old one.”
Basically for a week now we’ve been going back and forth over a frikkin technicality.
Is it really wrong to be “double-insured”? I’d like to save the 1000 bucks but jeez, I’ll pay it if I can just get this thing rolling. Time is of the essence because I’m just about out of remodel work, having cleared my schedule to go to work for builders.
Jason Pharez Construction
Framing & Exterior Remodeling
Replies
Time is of the essence because I'm just about out of remodel work, having cleared my schedule to go to work for builders
Oh OH....don't let your builders know that! The most important thing you gotta do is keep your options open. Once a builder thinks he has his claws into you, you're value will drop faster than a lead balloon.
blue
Yeah, I never like sounding desperate, but the fact is, I cleared out my schedule and have finished all jobs in order to be ready for that builder's call.
On the same token, I know what builders are paying per SF, and I know what I need to make to proceed at my profit level, so no worries about getting screwed LOL!Jason Pharez Construction
Framing & Exterior Remodeling
I like the change. Hell, diesel is getting rich at the framing thing while I am in Ohio starving at remodeling. You should see his new truck and ladder rack. (I love that ladder rack) He even has a huge new house. That guy......man he has it all. I want to grow up and be like him. :-) DanT
Oh yeah, to follow up:
I met with ins. agent yesterday...WC policy was approved, and I paid for the new GCLI policy. Went down the street, filled out the cancellation form for the old policy.
Went to two local builders, turned in my certificates. The second called me back before I even made it home...we're deciding on a plan to start framing next week.
Like I said, I may not be able to name my price like I do now, but the work's steadier, the money's reliable, and there's no dealing directly with HO's or materials.
Oh, and Brian's setup--I got one just like it, except everybody thinks a ladder rack will look cheezy LOL! Still workin' on that big house!Jason Pharez Construction
Framing & Exterior Remodeling
LOL..... I gotta meet this guy. Sounds like he's really got it together. However, I'm bettin' the grass is always greener and he's got more than his fair share of problems too. That kid sure talks a good game though, huh?View Image
Now I am tellin ya I know the guy personally. Why we were friends years ago before he made it big.
Now the guy frames huge houses, owns tons of expensive equipement and the house thing I mentioned earier. And.......get this........gives great business advice. For a young guy he sure has it goin on. DanT
Yeah, well... he's still an azzhole. You gonna make it to Andy's this summer?View Image
No. Got a buddy that sets up cruises for the rich and shameless to go gamble on. I don't gamble but he got us 20% off and 2 nights at a Hilton for a week long Alaskan cruise. So we are doing that. To good of a deal to pass up. Besides I am what Andy described earlier as a "baby" when it comes to large cities and crowds. Hope to do it next year though. DanT
Got a buddy that sets up cruises for the rich and shameless to go gamble on.
See? I always knew you were rich and shameless, and just playing the old "just a humble little contractor from Ohio" bit ;)
Too bad you're not going to Andy's- I guess there's just no point in me going now............
Bob
No no no. I am not the rich and shameless. I am just going cause I got a break on the price through him. I am the poor broke contractor from Ohio.
I am sorry not to have the chance to meet you and some others as well as renew some aquaintenances from last year. DanT
"Is it really wrong to be "double-insured"?"
Here is the basic problem. You don't want to two insurance companies fighting over who has to pay for a lose while whomever you damaged does not get paid and ends up suing you.
In some types of insurance there are coordinating and supremiscy clauses or exclusionary clauses that handles these kind of things where there are often overlapping types of coverage. But probably not in this case as you they are expecting you to have one or the other.
It might be possible for the agents to go the the underwriters to add such clauses. Don't have the slightess idea of how cooperative that they would be.
Bill, that's basically what my agent told me, so I got the new and cancelled the old.
Doesn'y really matter much since we're fixing another framer's house now, we'll start a new house Monday, and have two more after that.
Thanks for the explanation, though!Jason Pharez Construction
Framing & Exterior Remodeling