I’m closing a small engineering business that I operated for 4 years and I want to be on the safe side and get tail coverage. The statute of limitations is 8 years in my state. My insurance carrier says I will need to renew my policy for each year for 7 years and then get a 3 year tail policy to account for a 2 year additional reporting term that the state gives. I think it is ridiculous that I’d need to renew my policy and pay the same premium I am paying now operating my business when I will not be operating it moving forward and will not expose them to new liabilities. I thought I could pay for tail coverage for the entire term and I don’t want to renew as if I’m still in business. The cost is quite hefty. Does this sound right? Does anyone know much about tail versus run off coverage? Thanks
Red Flag Submitted
Thank you for helping keep Eng-Tips Forums free from inappropriate posts. The Eng-Tips staff will check this out and take appropriate action.
Reply To This Thread
Posting in the Eng-Tips forums is a member-only feature.
With all of the hype around 3D printing, it can be easy to get lost in fascinating, intricate metal parts made with additive manufacturing. These parts, while impressive, are probably dissimilar from many of the parts you currently produce or use. So why invest in metal additive manufacturing? Download Now
Construction was at one time a highly regionalized business. Pragmatic and market forces made it more efficient for even a large, industrial general contractor to focus regionally. But inexorable trends are making it more important for major commercial, civil, engineering and industrial contractors to grow their global footprint.
Mining is a relatively straightforward business model, driven by cyclical patterns of commodity demand and availability. Disruptive technologies, however, are now offering new tools to teams that enable them to change the rules of the game in their favor. Download Now
Selecting business software for a medium to enterprise-sized construction concern is extremely challenging in large part because most enterprise resource planning (ERP) suites originated in the world of repetitive manufacturing and are therefore a poor fit for a project and asset-centric business. However, midsize to large contractors need the predictable, auditable processes that ERP delivers.