A majority of events will require them to be named as additionally insured.
If I read this wrong, sorry. But it seems like some of you guys may be confused as to what they are charging you for.
Most commercial agents don’t charge anything to provide an insurance certificate to anyone that you need them to. The certificate will be issued to whoever you tell them to with that person or company listed as a “certificate holder”. The agent can do this and it is usually free. In my experience, all “certificate holders” are notified if you are dropped, renew, about to expire, or cancel the policy.
I’ve not had seen it as a requirement at the events I have looked into yet (but I am also very new to this) but occasionally a customer or event or even the government may request your insurance certificate with their contact information listed as “additionally insured”. This is different than them being a mere certificate holder. This is likely more along the lines of what Mike is speaking of. An additional insured is afforded a limited coverage from damages, accidents, suits, etc from YOUR insurance as I understand under this arrangement. And yes, the insurance company (not just the agency) charges you for this extra coverage if you list someone as “additional insured”.
Naming someone as cert holder is no problem, but I also stay away from additionally insuring anyone else.
It’s just another way to rape you for fees… just like the banks….charge as much as they can get away with. It takes no more than a few key strokes to add an addl insured, let’s say it takes 5 minutes max to do the paper work, thats $4500 an hr! I had one broker that did not charge anything, current charges $25.
For Sure! I suppose it’s fair to get something for typing out a new page and sending it, or, you could call it customer service.
I don’t understand, I can cater any place I want to, and it doesn’t cost me any more money for liability insurance. Why would it matter if you work one event or 20 ?????????????? Billyb
THE WILD DOG
Dang i was quoted like 1200 a year. I have to look into it more though. It came out in convo with my ins broker last week. Ive been with him for years and he is pretty good to me. I remember having a 2 mill policy for about 800 a year but that was fir another biz i was in. Cable contracting however that was 14 years ago and was thru Erie and i dont think they write those policys anymore. Another place to check would be The Hartford.
$75 for each additional insured is something that has been a concern me, seems high and it could add up pretty fast. I’ve heard of a few ins company’s in commercial window cleaning asking for high add fees and I know that most window cleaning company’s told their ins company’s to stick it and were able to find other insurance company’s that would do to for a SMALL fee or for free. I like the initial price with Sabbe but this could be a deal breaker unless I can’t find another company that will do it for less.
Can any of the more experienced guys say whether this is standard in this industry?
Mike you bring up an interesting point, I have never heard about anyone adding insurance with someone becoming responsible for their actions. Perhaps your former situation was different, or not, this is something I want to investigate. Let us know if you learn anything.
The signer option, you really need to speak to someone regarding that, like an attorney. In my last biz, trucking, it left you wide open in regards to litigation if something happens at the location, or even the business that is riding your policy. Even if you are not there, you can still be drug into some nasty things. At least that is how it was in my last business.
Look into it, maybe it is different than what I am used to in this field, but my attorney and accountant both advised me against putting anyone on my policy. They said run.
If the company that is leasing you gets sued, you are automatically drug into the fire, even though you may have nothing to do with anything relating to the lawsuit. That is how it was explained to me.
Check first with an attorney or go with a blanket policy like Fred is selling. This stuff can get tricky, and I am by know means an expert.
Just called Sabbe, quote was 434.00, sign up 6/1 which fits my proposed schedule but……………….He caharges 75.00 for each additional signer at that rate after 3 events i would have paid for the other ins. with no cahrge for the 600, @ year, Fred does offer a blanket for events but it’s an extra 450 bucks !
Call Sabbe out of Folsum CA…. (916) 817-4445
He had about the best rates I found, but only writes policies once a year this June or July 1st I believe. I needed it sooner. He quoted me around $465 for the 1 mill/2mill. He writes through Scottsdale.
Just got to calling around for liability ins. for my (propsed) trailer, best quote I got so far was 600.00 yr. for 1 mil liab. and 2 mil. agg. no extra charge for additional names added for the different events we might do. dont sound to bad; scottsdale ins. co. supposed to be A.A.A. rated. from a local agent here in fl.
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