Agents Online Real Estate Forums, Discussion, Realtors Marketing Tips

Follow AgentsOnline on TwitterFollow AgentsOnline on Facebook

Click Here to display our logo on your site and link to us!
AgentsOnline Real Estate Discussion Forums Logo

Realtor CommunityA popular online real estate community since 1998!


Advertisements


Sponsored Links
Advertisements
How To Advertise Here
How To Advertise Here

Good Idea!
Realtor Promotion Service

Sponsored Links
(Views)Popular Topics
I MAKE 100 COLD CALLS EVERY DAY & LOVE IT! 28887952
No new orders today 13186764
Stupid MLS comments. 3490587
What do you know about Froy Candelario, top agent in USA 1309831
Stupid QC comments and BPO requirements. 1151583
New HUD Listing Brokers---Any Update? 1106920
Is there religious content in Buffini class? 892785
Let's talk about our cars 741405
Most common items found at an REO 670546
Pay it Forward - BPO/REO Tips & Tricks I & II 657029
Name that Flick. Great movie Lines. 653622
REOTRANS 499689
Main Street 477665
EML 459241
asset val seminar in colorado 443805
assist 2 sell or 1 percent realty? 382118
HOMONYMS - There, Their, and They're 360291
Evalonline 300214
Land America 285054
Mainstreet 261863
Matched Content
Topic Options
Rate This Topic
#386120 - 08/10/11 06:30 PM Liability Insurance Audit procedures - possibly an unfair business practice
Douglas100 Offline
Member

Registered: 11/10/08
Posts: 75
Loc: Northern California
My liability insurance companies audit methods seem unfair or at the least unforgiving. As many of your know our service regions are often very large and we often take in many remote sub-contractors to handle remote jobs. It's often not possible to get a new sub-contractors insurance certificates before they begin work. Then after the fact the sub-contractor is unwilling to provide a copy unless additional work is available. Then at the end of the year you get audited and get charged for all your paid out revenues for your sub-contractors that your unable to provide insurance certificates. Also, with some carriers you get also charged an audit premium for paid out material and equipment costs to sub-contractors. If you have had similar experience please contact me off-line. Some of this possibly is an unfair business practice on-part of the insurance carriers.

Top
Advertisements
#386208 - 08/11/11 12:51 PM Re: Liability Insurance Audit procedures - possibly an unfair business practice [Re: Douglas100]
Retsof Yor Offline
Veteran Member

Registered: 12/03/05
Posts: 694
Loc: South Central Kansas
There is nothing unfair about what you explain as to the GL insurance audit. This has been standard insurance practice since I can remember when I first started in business back in 1977 as a GC. The GL company is only covering their exposure to risk that you created because you failed to get the vendor certificate of insurance prior to awarding the work to them. It may be ahard lesson to learn but if there no vendor Acord form of current insurance coverage there is no award of work. Those vendors who refuse to give you the Acord form until there is more work probably have no insurance to begin with. If you don't have a W9, confidentiality and independant contractor agreement signed with each vendor allowing you to withold for no insurance then thats your fault too.
_________________________
Roy J Foster, KS Lic #BR0039462
R J Foster & Assoc., LLC
Cert. A*REO Agent
Cert. FHA Inspector ID G551
Cert. FHA 203K Consultant ID D0631
Cert. FHA LBP Maintenance Supvr ID 7534
Cert. Vendor Resource Management REO Specialist
316-258-2670
http://www.investment-properties.org

"I am only as strong as the coffee I drink and the hairspray I use."

Top
#386215 - 08/11/11 01:53 PM Re: Liability Insurance Audit procedures - possibly an unfair business practice [Re: Douglas100]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7950
Loc: Vermont's North-East Kingdom
Sounds like a Catch-22 !

The Subs won't (or can't) get their own Liability Insurance until they are assured of a steady supply of work from you.

And you can't really assure the Subs of a steady supply of work until they provide evidence of their own Coverage.

So in the meantime, your own Carrier will transfer the additional perceived risk exposure to you, and charge you accordingly.

What about Workers' Compensation? In the event of one of the Subs being injured on the job, is the Sub covered? . . . . or will their injured Employee come looking for you or your Client ?
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

Top
#387396 - 08/22/11 04:08 PM Re: Liability Insurance Audit procedures - possibly an unfair business practice [Re: Douglas100]
shana Offline
Major Contributor

Registered: 11/07/07
Posts: 1602
Loc: Nevada
What about Workers' Compensation? In the event of one of the Subs being injured on the job, is the Sub covered? . . . . or will their injured Employee come looking for you or your Client?


the sub's employer should have liability.

Top
#387397 - 08/22/11 04:14 PM Re: Liability Insurance Audit procedures - possibly an unfair business practice [Re: Douglas100]
shana Offline
Major Contributor

Registered: 11/07/07
Posts: 1602
Loc: Nevada
Originally Posted By: Douglas100
My liability insurance companies audit methods seem unfair or at the least unforgiving. As many of your know our service regions are often very large and we often take in many remote sub-contractors to handle remote jobs. It's often not possible to get a new sub-contractors insurance certificates before they begin work. Then after the fact the sub-contractor is unwilling to provide a copy unless additional work is available. Then at the end of the year you get audited and get charged for all your paid out revenues for your sub-contractors that your unable to provide insurance certificates. Also, with some carriers you get also charged an audit premium for paid out material and equipment costs to sub-contractors. If you have had similar experience please contact me off-line. Some of this possibly is an unfair business practice on-part of the insurance carriers.



you don't hire them until you have the insurance certificate in hand. it certainly is possible, though the sub may not be willing or able to provide it in advance.

Top






Google Custom Forum Search

This Google Custom search may do a better job of searching the forums for some keywords than the old forum search does. The results do not include threads from the Asset Managers Forum however. To search that forum you will need to be actually in the Asset Managers Forum and you will need to use the old forum search below.
Search

Newest Members
Janis, Doggy, RPS1007, CenterOfMetal Co, Maze22studios
30827 Registered Users
Who's Online
0 registered (), 45 Guests and 5 Spiders online.
Key: Admin, Global Mod, Mod
Shout Box

Top Posters (30 Days)
CathCoy 37
Trouble 21
Z06Fanatic 16
Bigtoe 11
OahuAgent 10
FlyHigh 10
RonnieEmz 10
CaliRealtor23 9
Dan M Lee 9
estatereal 7
Danny1 5
sualk54 5
ThePeanutGallery 4
Ronnieh 4
Lucky Leonardo 4
Featured Member
Registered:
Posts: 2
Facebook

How To Advertise Here


This site presented by RNC Internet Services