Abram Interstate Insurance Services, Inc., CMGA

Helping Independent Insurance Agents Since 1996

In Demand: Contractor’s Insurance | Get it at Abram

Published on February 21, 2017

Contractor1

Did you know that the U.S. Construction industry has been having great growth over the past few years? Every year we consistently up our spending in this country on constructions projects in both the residential and commercial sides. Take a look at the year over year stats and projections below.

Table 1: U.S. Construction Spending (put-in-place investment)
(billions of “current” $s)

Type of Construction: 2011 2012 2013 2014 2015 2016 2017 2018
Grand Total            788.3            850.5            906.4         1,005.6         1,112.4         1,161.4         1,234.5         1,323.3
(year versus previous year) 7.9% 6.6% 11.0% 10.6% 4.4% 6.3% 7.2%
     Total Residential 252.6 276.1 329.2 374.9 440.3 467.1 501.7 539.8
9.3% 19.3% 13.9% 17.4% 6.1% 7.4% 7.6%
     Total Nonresidential 535.7 574.4 577.1 630.8 672.2 694.3 732.8 783.5
7.2% 0.5% 9.3% 6.6% 3.3% 5.5% 6.9%
          Total Commercial/for Lease 88.0 96.0 104.6 126.2 143.8 168.3 186.6 196.7

“Current” means not adjusted for inflation. Data source: U.S. Census Bureau.

AND — with more construction projects comes a higher demand for contractors. And with more contractors at work, there is a higher demand for Contractors Insurance.

There are a lot of inherent risks with a contractor’s line of work. Of course, a large risk is present for any business that doesn’t operate in a space their own space. Anywhere that a contractor is working belongs to someone else, so there is always a possibility that existing property could be damaged, that a job could be done sub-par and could call for a lawsuit, or that someone gets accidentally injured from the work the contractor is doing.

We know that this makes contractors insurance a hot ticket item — one that your clients NEED, and one that you may have a hard time finding access to. Abram Interstate now has a broad market for contractors in many fields!

Contractor Insurance Product Highlights:

Broad Specialized Features

  • BOP Form – Occurrence Based Zero Deductible
  • Direct Bill
  • Cyber Liability Available

Limits and Coverage

General Liability – Occurrence Based

  • General Liability Limits Up to $2ML Each Claim/$4ML Aggregate
  • No Deductible Required
  • Blanket Additional Insured
  • Waiver of Subrogation

Commercial Auto

  • Up to $2ML CSL
  • Symbol 1 or 7

Commercial Property

  • Business Income 12 Months ALS
  • Property Limits Up to $5ML TIV Per Location
  • Property Enhancement Endorsement Included
  • Optional EPLI
  • Optional Employee Dishonesty

Contractors Installation

  • $3ML Per Jobsite (Higher Limits Available)
  • Tools & Equipment Coverage Included

Preferred Classes and Industries

    • HVAC
    • New Residential Construction Contractors (Generals, Developers & Artisan)
    • Appliance and Accessories Installation or Service
    • Carpentry
    • Carpet, Rug, Furniture Cleaning
    • Drywall or Wallboard Installation
    • Painting Exterior
    • Siding Installation
    • Residential Cleaning Services
    • Electrical Work – Within Buildings
    • Interior Decorators
    • Masonry
    • Plumbing
    • And many more!
Submit your ACORD 125, 126, & 140 forms HERE now

Abram Interstate Insurance Services, Inc. is a California wholesale insurance broker (CMGA) that has licensing and expertise to place business in both admitted and non-admitted markets for Personal Lines Insurance, Commercial Lines Insurance, and Agribusiness Insurance in California and surrounding areas.

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