Uptown Insurance Agency | New Orleans, Louisiana Insurance Agent

Subcontractor Liability

admin — Wed, 23 Feb 2011 20:06:25 +0000

General contractors have liability insurance to protect them from claims for bodily injury or property damage caused by their negligence. Most liability policies only protect you from your own negligence, not your subcontractors. It’s possible that you could get sued, and wind up having to pay for the consequences of someone else’s negligence.

When you hire a subcontractor to do work for you, he must carry General Liability insurance and he must have the same limits of liability as you do. If you have a policy with a $1,000,000 limit the subcontractor that you hire must have an equal or greater limit, and here is why:

At the end of your policy period, your insurance company has the right to audit your books. The auditor is trained to look for sub-contracted work and will then look for the certificate of insurance that corresponds to the work subbed out. If you cannot produce the certificate the amount of sub-contracted work will be added to your payroll, or gross receipts, in either case you will owe the insurance company an additional amount for your general liability insurance, which can be substantial.

If there is a problem on the job the customer is going to sue the subcontractor and the General Contractor. The insurance company has no recourse against the subcontractor and must defend the entire lawsuit, while the subcontractor walks away. Subcontractors must have insurance. It doesn’t matter if they are doing the foundation, framing, roof, electrical or just laying sod – everyone on your job site needs insurance!

NFIP Grandfather Rules

admin — Wed, 12 Jan 2011 20:23:51 +0000

Flood risks can change over time. Water flow and drainage patterns can change dramatically because of surface erosion, land use, and natural forces. Likewise, the ability of levees and dams to provide the necessary protection can change. As a result, the flood maps for those areas may no longer accurately portray the current flood risks. To reflect the most current flood risks, the Federal Emergency Management Agency (FEMA) is updating and modernizing the nation’s flood maps using the latest data gathering and mapping technology. New flood maps (known as Digital Flood Insurance Rate Maps, or DFIRMS) are being issued nationwide.

When the new flood maps become effective, some residents and business owners will find that their property’s flood risk has changed. Some will find that their building is mapped into a a high-risk flood zone (noted on the flood maps with the letter beginning with “A” or “V”); and if there is a mortgage on the property through a federally regulated or inured lender, they will be required to purchase flood insurance. Others will find that their Base Flood Elevation (BFE) for the property has increased. Either of these changes could result in higher flood insurance premiums.

Flood Insurance

admin — Tue, 11 Jan 2011 19:45:35 +0000

Flooding is the Nation’s number one natural disaster. Because homeowners’ insurance does not cover damage from floods, FEMA offers federally backed flood insurance through the National Flood Insurance Program (NFIP). In many low-to-moderate risk areas, single-family homes and businesses are eligible for reduced-cost Preferred Risk Policies (PRP’s).

Areas behind levees that are accredited as protecting against the 1-percent-annual-chance flood will be mapped as a moderate-risk area and will not be required to have insurance.

Hoever, FEMA recommends flood insurance for allproperties behind levees. Flood hazard maps carry a warning that overtopping or failure of the levee, dike, or other structure is possible, and that flood insurance and adherence to evacuation procedures are strongly recommended.

The NFIP and Levees

admin — Tue, 11 Jan 2011 19:35:21 +0000

There are thousands of miles of levees in the United States that affect millions of people. Levees are usually earthen embankments that are designed and constructed in accordance with sound engineering practices to contain, control, or divert the flow of water so as to provide protection from temporary flooding. However, no levee provides full protection.

FEMA is responsible for:

Establishing appropriate risk zone determinations and reflecting these determinations on flood maps; and
Establishing mapping standards, including minimum design, operation, and maintenance criteria that must be met to have a levee recognized as providing flood protection. On it’s flood maps, FEMA will only recognize those levee systems that have met and continue to meet these minimum standards.

FEMA is not responsible for:

Designing, operating, certifying, or maintaining levee systems;
Examining levees, and;
Determining how a structure or system, will perform in a flood event.

Insurance That Fits Your Needs

admin — Fri, 22 May 2009 21:13:47 +0000

Determining exactly which type of insurance policy is required for your property, business or vehicle can be bewildering. Many people are unsure as to which policy they actually need, how much insurance they should have, or knowing exactly what is covered. It’s not easy because insurance policies can be complex and use wording that can be confusing. Contact us to discuss your insurance needs and let us help.

When faced with making a claim your insurance should protect you and it may be too late to begin a crash course on “conditions” and “exclusions”. Uptown Insurance Agency guarantees a full understanding of what is covered and under what circumstances, which benefits you as the customer and us as your agent. There’s no room for surprises when you need your insurance most.