AnotherEllis
Mechanical
Howdy.
I carry a $1MM E&O policy in addition to a $1MM/$2MM general liability commercial policy. I have a potential client that is requesting a $5MM umbrella policy as well as increasing my E&O to $2MM in order to work for them. They are not unreasonable, and are willing to pay for this. The job is such that it would be worth the effort and hassle to comply, and the cost would be buried in the job.
The umbrella policy is no problem, however when my agent kicked the request for E&O increase up to underwriting they balked. They don't want to write a $2MM policy for a firm billing under $1MM annually, which is where I am at as a startup.
Has anybody else in the consulting to construction industry seen this lately? According to my agent there is a rash of claims and insurance underwriter's have gotten antsy and conservative.
I carry a $1MM E&O policy in addition to a $1MM/$2MM general liability commercial policy. I have a potential client that is requesting a $5MM umbrella policy as well as increasing my E&O to $2MM in order to work for them. They are not unreasonable, and are willing to pay for this. The job is such that it would be worth the effort and hassle to comply, and the cost would be buried in the job.
The umbrella policy is no problem, however when my agent kicked the request for E&O increase up to underwriting they balked. They don't want to write a $2MM policy for a firm billing under $1MM annually, which is where I am at as a startup.
Has anybody else in the consulting to construction industry seen this lately? According to my agent there is a rash of claims and insurance underwriter's have gotten antsy and conservative.