Residential Contractors
Nuts & Bolts: Lemac & Associates is offering a new market to write residential contractors engaged in the construction of tract homes. The new market does not have a strong appetite for subcontractors involved in foundations, framing, grading, building retaining walls, roofing, stucco, waterproofing, well drilling, condominiums and townhomes and those with receipts in excess of $50,000,000. Exceptions may be made to the rule for exceptional accounts.
Condominium work may be considered if the structure is concrete and steel, or for a very light hazard subcontractor. A company specific questionnaire is required and while it does not need to be signed by the insured to get a quote, it will have to be at time of binding. It is encouraged that a minimum of seven years currently valued loss runs be submitted—10 years are even better. All residential construction accounts will be written on the market’s own policy form. Exclusions include mold, lead, subsidence, cross suits, intellectual property, Montrose, terrorism, condo/ townhome, E&O, wrap-ups, EIFS, and prior work.
Dollars: Minimum premiums are $100,000 for subcontractors, $150,000 for general contractors. The minimum attachment level is $25,000 per occurrence SIR. Policy limits are 1/2/2 and defense is inside the limit.
Carrier: Rated “A-” X. Non-admitted market.
States Available: California, Colorado, Arizona, Nevada, Oregon, Washington.
Contact: Bill, (323) 857-9400