At Gaslamp, we specialize in construction insurance and protecting the various types of contractors – from general contractors to subcontractors and artisan contractors – that comprise this segment. We understand the multiple exposures you face in your work and what coverages are needed to protect your property, assets, customers, and people.
Our portfolio of construction insurance coverages includes:
General Liability
Protects your assets in the event of third-party bodily injury and property damage liability claims.
Excess Liability
Extends the coverage limits of your underlying policies (such as General Liability and Commercial Automobile Liability), providing an extra layer of protection. In the event of a catastrophic incident that leads to substantial liability claims, an underlying policy might not be sufficient to cover all the costs. Excess Liability insurance can cover costs exceeding your underlying policy’s limits, protecting your assets and providing financial stability by covering large claim amounts.
Builders Risk
Covers damage to buildings under construction or renovation from fire, lightning, storms, vandalism, theft, or malicious mischief. The policy covers the cost of materials, supplies, and pieces of equipment on the construction site that are damaged, stolen, or lost due to covered perils. Temporary structures such as scaffolding, fencing, or sheds on the construction site may also be insured for loss or damage caused by covered perils.
Contractors Tools & Equipment
Insures your tools and equipment on your property, job sites, and temporary locations or in transit. This is critical because most tool damage occurs on the job site and most thefts arise during transportation. Coverage applies to tools and equipment listed on the policy and includes hand tools, such as saws, wrenches, and hammers; power tools, such as drills, nail guns, and jigsaws; and heavy equipment, such as excavators and backhoes. It will pay to replace stolen tools and equipment and for repair or replacement if a fire, vandalism, or a work accident damages them.
Contractors Professional Liability
Protects you from financial losses associated with claims of alleged negligence, errors, or omissions in your professional services. Construction managers; general contractors; and artisans and tradespeople, such as plumbers, roofers, and electrical contractors, should carry this coverage, as errors in professional services on a construction project can lead to a variety of issues, including rework, schedule delays, and loss of use – all of which could result in economic damages for the contractor’s client.
Contractors Pollution Liability
Provides coverage for third-party bodily injury, property damage, and environmental cleanup costs resulting from pollution incidents caused by your operation.
Commercial Auto
Required by law, the policy protects a firm’s assets from potential third-party bodily injury and property damage claims and/or lawsuits involving its vehicles. Additionally, a policy can include physical damage (comprehensive and collision coverage) for a firm’s owned vehicles. Policies can also be designed to cover provide liability insurance for non-owned autos, hired autos, and mobile equipment.
Workers’ Compensation
Mandated in nearly every state, pays for medical bills, rehabilitation costs, a portion of lost wages, and/or even partial or permanent physical impairment to workers injured on the job.
Contractor Surety Bonds
Guarantee the performance or payment of another company’s obligation under a separate contract or its compliance with a law or regulation. It involves a three-party agreement between a principal (general contractor), the surety company, and the obligee (government agency, private developer, or other parties). Bid, performance, and payment bonds are three types of contract surety bonds.
Look to Gaslamp as your one-stop contractor insurance and surety bond resource. We also offer a streamlined, easy-to-use online platform for certificate of insurance requests.
*NOTE: The insuring agreement in a policy sets out the covered perils, assumed risks, and nature of coverage that the insurance company provides to its insured in exchange for the premiums paid. Thus, the terms and conditions of the policy will dictate whether coverage exists and the nature of any potential benefits.