The Benefit of Practice Policies vs. Project Policies

By Allison McGreal, Assistant Vice President

Much of the insurance industry business is driven by contract requirements. Two specific areas that come up quite often are the need for Contractors Pollution Liability (CPL) for non-environmental contractors and higher limits of insurance for any type of contractor.

When a non-environmental contractor bids a job and is required to provide evidence of CPL coverage, it’s often a last minute request with some urgency in order to get their bid submitted on time. To obtain a quotation, the agent will typically need project specs, including the name, location, duration of the job, scope of services, and revenue associated with the project. Most carriers have minimum premiums per layer of insurance requested and don’t pro-rate project specific policies. The premium is based on the job details and not on the job duration. Read the rest of the article.