The equipment and techniques used for building demolition pose risks and danger to operators, clients, and others in the area of demolition. It can create property damage and projects can go awry in other ways. Insurance for building demolition covers the expenses related to any accidents or incidents.
As an insurance producer, you can write more business by offering insurance for building demolition. The industry has performed well over the past five years, according to market research, and is expected to rebound post-COVID. By working with building demolition clients, you are offering key coverage to an industry that needs it.
Building demolition contractors need to know the value of their insurance. Take a look at the potential costs of a lawsuit, including legal fees, settlements, and time and revenue lost at work. Liability insurance can cover those expenses for the contractor and anyone who works on a building demolition project with them.
There are common coverages built into insurance for building demolition. Bodily injury, for example, is an important coverage for anyone working in construction including demolition. Property damage coverage is also key. Contractors work with equipment like excavators, wrecking balls, and explosives, all of which carry risk. There are many scenarios in which this insurance would apply. For instance, if your client is contracted to demolish part of a building and debris damages a nearby vehicle, they will want coverage. Please note we do not provide workers’ compensation.
Examples of demolition contractors facing lawsuits as a result of their work are plentiful. In one case, a demolition and explosives company was named alongside other defendants when people living in the area of the demolition alleged damage. They argued that the company should not have used explosives and sought compensatory and punitive damages.
Another case in Miami saw a contractor and subcontractor sued when a man was injured and ultimately died following injuries from debris from a demolition. The mother of the man sought costs of medical care, funeral and burial expenses, income lost, mental anguish and other damages.
In some areas, insurance for building demolition is required of contractors before they can get to work. Even if this insurance is optional, however, it should be a priority for your clients. Alongside commercial liability insurance, building demolition contractors may want to invest in commercial property insurance, tool and equipment insurance, mobile equipment insurance, and commercial auto insurance. Your job will be easier when you work with Prime Insurance Company, as we tailor our coverage to each client’s needs. We look at their risk profile, activities, and business operations to customize our underwriting.
At Prime Insurance Company, there’s no risk that is too tough for us to explore. As an excess and surplus lines insurance company, we adapt to risk of all kinds, including specialty risks. Our underwriting expertise and industry outreach ensure that we know how to innovate solutions. Even if your building demolition contractor clients have been declined coverage by other carriers, we may have a solution for them.
Our in-house teams evaluate and manage risk. That means we can provide a quote for your clients quickly and work with them to mitigate any risk that could lead to an avoidable claim. We have the history, experience, and drive to provide fast, flexible underwriting.
Working with Prime Insurance Company is always a partnership, between us, you as an insurance producer, and your clients. We genuinely care about everyone’s success and growth. We know that good insurance coverage plays a critical role in ensuring that success and growth and we are committed to playing our part.
We also believe in clear, consistent communication and direct service. Policyholders can receive direct assistance from Prime Insurance Company using the phone or online, 24/7, in the event of a claim. We also conduct underwriting and risk management calls directly with policyholders and offer risk management visits. Insurance producers are linked with all of this outreach and communication, saving you time while ensuring your clients have the information they need.
When you and your clients partner with Prime Insurance Company for building demolition insurance, you are sure to see great results. Get started with a quote using our online application today. Get in touch with any other questions or for more information. You can call us at 800-257-5590 or email us at info@primeis.com. We invite you to keep in touch with us using social media, via Facebook, Twitter, YouTube, LinkedIn, and Instagram.
Authored by Rick J. Lindsey, CEO, President, and Chairman of Prime Insurance Company
Rick J. Lindsey hails from Salt Lake City, Utah. He began working in the mailroom of his father’s Salt Lake City insurance firm, getting his introduction to the business that became his lifelong career. Lindsey quickly rose through the ranks while working in nearly every imaginable insurance industry job. As an entrepreneur, specialty lines underwriter, claims specialist, risk manager, and a licensed surplus lines broker, Rick Lindsey is highly skilled in all levels of leadership and execution. As he progressed on his career path, Rick discovered an urgent need for insurers willing to write policies for high-risk individuals and businesses. He was frequently frustrated that he could not provide the liability protection these entities desperately needed to safeguard their assets. He also formed the belief that insurance companies acted too quickly to settle frivolous claims. Lindsey decided to try a different approach. He started an insurance company and became the newly formed entity’s CEO. This opportunity has enabled Rick to fill a void in the market and provide a valuable service to businesses, individuals, and insurance agents who write high-risk business. Prime Insurance also specializes in helping individuals and businesses who live a lifestyle or participate in activities that make them difficult for traditional carriers to insure. If you’ve been denied, non-renewed, or canceled coverage, don’t give up quite yet. Chances are Prime Insurance can help.
