Thank you gentlemen for reaching out and helping me to better understand.Here is my original thought: A contractor may have as much as 10M sitting out there for the non-received revenue that's being held in retainage. Isn't this a universal issue for contractors? Is there a trade credit play for this scenario? So my thought is this...I believe this would be a receivable only when the contractor hits a milestone and/or it is agreed work was completed as expected (per the contract). Once they hit the milestone, it's a receivable. If the non-payment is due to a contract dispute (forced warranty work or audit), that would fall outside of the scope of insurance. However, if they can prove in court that money is owed and wasn't paid - it's insurable. For the contractors out there...How often do contractors run up against non-payment when NOT connected to a contract dispute?
Home of the Connection Café.
100 Village Blvd., Suite 200, Princeton, NJ 08540Phone: 609-452-8000 | 888-421-9996 | Fax: 609-452-0474 | email@example.com