Insurance Question

[TigerfaninAR]

We are going to be hiring an excavation crew to start work on our raw land in the next week or so. Do I need some sort of liability coverage for this piece of property?

 

[SPIKER]

If the crew is a licensed crew, (and carry state workers compensation insurance) then I would think not. that is one thing to always check for when hiring someone. If you want to just to be safe you can get insurance pretty cheaply from just about any local company on a term basis, (say while work is being done) just as an CYA type thing.
that is just my opinion, if you still are paying for it (the land) through a bank note then you are probably already required to have some sort of insurance on the property.

Mark

 

[kenstrac]

You should get a certificate of insurance from the contractors insurance co.

 

[BruceWard]

I added our 4 acre future homesite to our Allstate home insurance policy for about $30 a year.

My agent advised me that when I start building I should start the insurance policy for the new home and it will act as builders insurance until the house is completed.

 

[two_bit_score]

We are going to be hiring an excavation crew to start work on our raw land in the next week or so. Do I need some sort of liability coverage for this piece of property?

As others have said you can usually add additional property to the coverage on your homeowners liability coverage for an additional fee. The question is if that provides sufficent limits of liability coverage. Usually, Home Owners liability policies start with liability coverage of $25,000 and you can increase it up to $300,000 or so before going into an umpbrella policy.

If you have several properties, a boat, equipment, etc. you might consider an umbrella policy. They aren't that much and they plug up some gaps in coverage that your HO policies have.

 

[nap61]

Tigerfan,
Make sure the excavating contractor has workmen compensation insurance (get a copy of the policy from his insurer). If one of the workers gets hurt on your job and the contractor does not have WC, then the injured worker will be looking at YOU for compensation. Also, get a copy of his liability insurance in case he hits something underground (BIG $$$$$) or causes damage or injury to a third party.

Norm

 

[two_bit_score]

You could also ask that the contractor add you as an additional insured onto his liability policy. There will be a fee and he may want you to pay that but it's often done by companies when hiring sub-contractors. If you are really concerned that fee may be worth it.