Sub Specialty Contractor

  • 1.  Umbrella coverage recommendations

    Posted 12-20-2022 13:27
    Hello!

    We are looking at our annual renewal for insurance, and I was wondering if anyone has any rules of thumb or guidelines for level of umbrella coverage.  We are a specialty trade contractor in the Midwest.  We have been in a growth spurt in the past 5 years, and our umbrella coverage has stayed the same.  Can you share what you use for determining the level of umbrella coverage that you use for your company?

    Thank you!
    Hope

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    Hope Voigt CPA, CCIFP
    Tweet/Garot Mechanical
    De Pere WI
    (920) 498-0400
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  • 2.  RE: Umbrella coverage recommendations

    Posted 12-21-2022 09:14
    Hi Hope,

    I would recommend having your broker benchmark you against your peer group (size, type of work, etc.) and use that as the initial basis for determining your necessary coverage.  I would factor this information along with upcoming contractual requirements and upper management's / owner's risk tolerance to make your ultimate decision.

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    Jeff Stovern
    CFO
    Red Cedar Steel
    Menomonie WI
    jeffs@redcedarsteel.com
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    Original Message


  • 3.  RE: Umbrella coverage recommendations

    Posted 12-21-2022 19:52

    Hi,

    For us it started out as what the GC dictated on a particular job, or just job size in general and the particular insurance requirements.  Our insurance agent helped us along the way to ensure we had appropriate, not excessive levels of insurance.  We are a small subcontractor, and we went from umbrella coverage of $2mm (25 years ago) to $4mm to $5mm (been that way for a good 10-15 years) to $10mm back down to $5mm. 

     

     

     

    Eileen Moran

    Moran Electrical Contracting

    12549 S. Holiday Drive

    Alsip, Illinois 60803

    Ph: 708.597.9011

    Fax: 708.597.9012

    emoran@moranelec.com

    www.moranelectrical.com

     

     

     

     




    Original Message


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