Truck insurance question

Date 04-22-2013 02:06

I have a part-time welding business and have the opportunity to work for a bigger customer than usual. They are requiring 1 mil coverage on my vehicle with an " owned, unowned, and hired" endorsement. I have the million already but not the other endorsement. It looks like this is going to make my premium rise a good bit. Just wanted to know what some others are paying to get an idea of what to expect or at least know if I am being charged way too much. Thanks in advance.

By Cactusthewelder (*****)

Date 04-22-2013 02:12

I have 10 Million with all endorsments as well as additional Insured. It is all on the same as my GL policy. It cost A LOT !!

By Cumminsguy71 (*****)

Date 04-22-2013 13:55

If you already have the million and this is an extra requirement I'd figure the added cost into your bid or your hourly rate as an additional cost. I've had several jobs where they want "extra's" that are going to price me out of the work, meaning, it ain't worth doing because it will cost me so much in additional insurance for a one time deal. If you plan on doing work with these guys over years and years then eating the cost to keep them smiling is the only alternative.

By welderbrent (*****)

Date 04-22-2013 14:23

Make sure you understand, this is NOT your normal, down the road, vehicle liability insurance. This is insurance to cover any damage you and/or your vehicle may do to other vehicles, buildings, the project AT THE JOB SITE .

This is another line on your insurance certs that is included with your Liability Gen Agg, Workers' Comp, etc. I don't remember it really affecting my premium very much. The main cost is the Gen Liab and Worker Comp.

If you look at a copy, which my agent sends me a copy for each company that wants 'Additionally Insured' standing on my policy, you should see the space for that coverage. If it is empy then you don't have it. Call your agent. Don't use your normal vehicular insurance carrier unless they are the same ones carrying your General Liability for your work coverage. Most of them don't understand what that classification actually covers and will charge you too much. At least in my experience.

Have a Great Day, Brent

By Dualie

Date 04-22-2013 03:03

basically they want to make sure your insured for any vehicle that might be under your command, weather you own it, rent it, or hired a trucking company to provide it, or your hired hand shows up in his vehicle. In all my contract proposals I exclude any extra insurance or licenses for just this reason. if they want it they can pay the difference for it above my 10 mil general liability and workers comp, contractors bond and contractors license.

That means any sort of local business licence that I get in the town where there job is, the cost of becoming an additional insured, the cost of adding additional coverage above and beyond my normal isn't coming out of my profit. I also exclude any parking fines or fees for city jobs for that matter.

By Tommyjoking (****)

Date 04-23-2013 01:07

On certain "extras" my agent can add it for a set time like estimated length of a job...or it can be added coverage and taken care of at audit time....he can usually give me a ball park on the latter. I just like others have turned away work because the INS for that job is ridiculous and the amount of work cannot justify the added expense. Sometimes I think the insurance and biz regs are the worst part of being self employed...there is always a hassle to be dealt with and it usually finds its ugly way into your pocket. BROAD coverage is always quite a bit more expensive.

By Robert48 (**)

Date 04-23-2013 18:22

Thanks guys. I got it handled. Good thing I have an older truck or it would have been way more expensive.