By Ben Finley, Account Executive, Arthur J. Gallagher Risk Management Services

 

In this economy, companies are doing whatever they can to lower their operating expenses and get "lean and mean".  One of the areas that is most affected is insurance.  Businesses are increasing deductibles, lowering limits and, in some cases, going without some of their insurance altogether.  In some industries, we are seeing companies taking on types of jobs for which they are not insured. On example has been landscaping companies doing tree work and not having the correct insurance coverage.   If a company has a policy that insures them for ladder work up to 8 feet, and are doing work on your property from ladders or buckets higher than that, (9 to 20 feet), your association has been put in a problematic situation if a claim is filed.

Take your risk management a step further:  In addition to requesting additional insured status and waiver of subrogation certificates, ask to see their insurance policies.  Make it standard procedure for the companies doing work on your property to provide you copies of their policies for you to review so you can be certain that adequate coverage is in place.  It's a great way to further protect your property and assets, and also gives you a better understanding of the companies you are doing business with.

 

Questions should be directed to Ben Finley at 786-331-1268.