Certificates Of Insurance

Copy to your letterhead

Requirements on certificates of insurance:

1. Do not throw away old certificates of insurance (maintain a minimum of 13 years on homes with Certificate Of Occupancy prior to 7/1/05 and a minimum of 8 years on homes with a Certificate Of Occupancy date of 7/1/05 or later)

2. Home Builders must be shown as additional insured under general liability

3. Minimum of $500,000 per occurrence and $1,000,000 aggregate for General Liability

4. General liability coverage must include completed operations coverage

5. Minimum of $100,000 bodily injury by accident,  $500,000 policy limit and $100,000 bodily injury by disease for Workers’ Compensation coverage

6. Notice of any excluded officer/partner/owner under Workers’ Compensation

7. Enclose reminder notice with check 30 days and again 15 days prior to renewal and notify subcontractors that they will not be allowed on site without renewal certificate

8. Provide a copy of all certificates to Frank B. Norris & Co. for review each year at your renewal

9. Call or fax Frank B. Norris & Company with any questions on certificates

10. Do not allow subcontractors on site if renewal certificate has not been received

Section 1

• Do not accept certificates if the named insured does not match the name you show on checks to that subcontractor

Section 2

• Certificate must show the name of the specific insuring company not broker or parent company

Section 3

• Be careful when accepting binder for a policy number – if accepted, set a follow up for no more than 30 days
• Do not accept binder for a policy numbers on Workers' Compensation through NCCI or the Assigned Risk Pool
• Be sure limits of liability meet your minimum guidelines
• Be sure your company is shown as additional insured for General Liability
• Request Automobile coverage be shown on certificates
• Verify in writing your insurance carrier’s position on leasing companies for Workers’ Compensation (add addendum to contract that subcontractor can not subcontract work if leasing employees)

Section 4

• Do not accept certificates directly from subcontractor
• Do not accept certificates with another builder's name as certificate holder
• Do not accept certificate with the certificate holder box blank