GENERAL LIABILITY

DT Insurance: Commitment. Reliability. Knowledge.

General Liability Overview

With the strong market relationships and in-depth experience you need, DT Insurance Brokerage is prepared to assist you with any liability-related coverage you should need. A true leader in the field, DT Insurance Brokerage currently services some of the largest and well known general contractors doing work in and around NYC. Our tightly connected team of wholesalers are constantly sharing ideas and solutions, benefiting our clients in every aspect of their business. At the basic level, our insurance team offers expertise in residential, commercial and public construction. DT Insurance Brokerage is known to be one of the more reliable and reputable brokerages in the NY construction industry. We expend tremendous effort and energy to ensure that all insurance needs are tailored and customized to each of our clients. Our recognition and understanding of the detailed nature which contractors need and expect has allowed us to become one of the leading brokerages in the construction field. We have developed expert capabilities relative to solving the most basic and most complex insurance solutions. Whether for a project or portfolio, a contractor, architect or owner, DT has the experience, connections and creativity to develop solutions that exceed the needs of our clients. Have a look below as we highlight some of our capabilities and thoughts on various products:

CASUALTY

DT Insurance Brokerage specializes in construction exposure and has the experience and ability to successfully negotiate and place core and/or project specific policies. Whether it be General and Umbrella Liability, Business Automobile Liability and Worker’s Compensation policies, DT can provide you with the most extensive possible terms and conditions. We have a keen understanding of the exposure facing our clients and expertly match that risk with the proper insurance carriers. We understand the unique enhancements that must be made to a standard insurance policy to fulfill our client’s contractual and insurance / risk management needs. In order to understand the risk it is essential that we ask the right questions. From the nature of construction at the various project locations to understanding the means and methods of a specific job to discerning complex marine operations, we gather the necessary information to evaluate the exposures and place the appropriate insurance coverage for our clients.

It is clear that loss exposures which are facing contractors nowadays are increasingly complex. Construction companies are constantly facing protracted litigation, skyrocketing settlements, ever changing legal landscapes and unique insurance requirements. The partners and employees of DT Insurance Brokerage continually stay on top of the external environment. This ultimately benefits you in your availability and pricing of casualty coverages, limit requirements and overall changes in the contractor’s jurisdiction environment.

UMBRELLA

An umbrella policy will provide you with additional liability coverage should the claim exceed the amount of your primary coverage. Significant assets can be at risk when businesses are the target of lawsuits. Doing business without an umbrella or an excess policy is almost impossible these days. As the standard requirements have changed, a quality umbrella policy is essential to securing work. As loss exposures facing contractors are increasingly complex, owners and developers are becoming more concerned with their own exposure levels. Due to the new labor law in New York, construction companies are confronted with protracted litigation, skyrocketing settlements, and ever changing legal landscapes. Remediation contractors need special attention in all aspects of insurance and we have been a proven commodity when it comes to this field. Our attentive focus in this area and our knowledge of the complexities in this industry has paved the way for our success. The partners and employees of DT Insurance Brokerage continually stay aware of the changes within the industry to ensure our clients are continually covered. Whether it’s a 5, 10, or even 20 million dollar umbrella, we can help place you with competent and reliable carriers. DT can help cover this risk by assessing the largest amount of exposure you face and matching that with the proper umbrella policy.

PROFESSIONAL LIABILITY INSURANCE

Professional liability insurance helps cover you and your company if you are found negligent in the professional services you provided. This can be if you make a clerical error which costs a client thousands of dollars, work as a photographer and accidentally damage a client’s wedding photos or if you make a costly managerial error while overseeing a construction site. These situations could have costly legal repercussions. Professional liability insurance will help cover the costs and fees associated with the incident. Professional liability insurance which is also known as errors & omissions, or E&O insurance, is needed by almost all types of businesses. If you work directly with customers by providing services of any nature, you should definitely consider a professional liability insurance policy. DT can help assess which policy will offer the best and broadest coverage to adequately manage your risk.

Professional liability insurance continues to expand beyond traditional architectural and engineering firms within the construction industry. Construction firms must have a good understanding of the risk involved and the various ways they are able to combat and counter this risk.  Whether they realize it or not, construction companies today, many times, are not being adequately protected. General contractors are constantly exposed to liability from subcontracting design, and many times are exposed by simply just offering their own construction expertise. Examples such as this are reminders that contractors should always be covered just in case the unexpected occurs. DT Insurance Brokerage collaborates with the professional liability experts who have construction, legal and insurance related expertise to bring our clients the ideal team to manage this risk. Whether you are an engineering firm in need of a professional liability program or a project owner looking for a professional protective, we are here to help.

ENVIRONMENTAL LIABILITY INSURANCE

Environmental Liability Insurance has become an integral part of any construction firm’s insurance portfolio. At DT Insurance Brokerage, we not only understand standard construction risk, we also understand evolving risk such as environmental liability. Whether it’s a contractor’s job site operations, transportation or materials, disposal practices or owned properties, construction firms face unique environmental risks that need specific and technical attention.  DT Insurance Brokerage has developed the ability to minimize and manage your environmental risk and in some cases eliminate it all together. We are focused on providing our clients with state-of-the-art environmental insurance programs so they are covered should they enter into litigation. By offering these enhanced and cost-effective environmental risk management programs our clients experience a unique one stop and shop kind of mentality which benefits their risk management and safety programs

SUBCONTRACTOR DEFAULT (SDI)

Subcontractor Default Insurance (SDI) is an insurance that is purchased by a prime contractor to protect itself against financial impacts in case of a subcontractor default. Commonly referred to as Subguard insurance, the purpose of this insurance is to manage subcontractor default risk and afford the general contractor protection against issues that could adversely affect a project’s total budget and schedule. SDI allows the general contractor to manage subcontractor issues without limiting coverage in the event of a default.

The SDI team at DT Insurance has the experience, expertise, and the market knowledge to ensure that our clients have the most cutting-edge programs available to them. By combining knowledge of operational practices, coverage enhancements, program structures, supporting technology, and more, clients can rely on DT Insurance Brokerage’s team to address challenges before they become issues. Our team will work with clients to ensure that all parties understand the implications of the SDI program and have the tools available to manage it effectively. By understanding our clients’ operations thoroughly, we are able to customize an approach which ensures efficient and effective subcontractor pre-qualification and management practices, which ultimately leads to the implementation of a program that’s complete with well-defined operations practices.

WRAP-UPS (CIPS)

DT Insurance Brokerage offers wrap-up insurance of the highest quality and the best of service to its clientele. We focus on creating the ideal program structure by collaborating with premier wrap up insurance carriers. With extensive knowledge, experience, and the correct negotiation skills to place your wrap, DT will ultimately give stability to the total financial picture of your project, whether it be a modeling program or a stand-alone program. While we aim for a best case scenario of zero losses, everyone understands that this cannot always be achieved. However it is the ability to control these losses which will separate you from other contractors and keep your premiums at a minimum. Through the partnership of the sponsor, the carrier, and the subcontractors, and our hands-on approach by claims, we have achieved great success at keeping these losses to a minimum.

Another key component, which can determine the success of a wrap-up insurance program, is administration. All parties can have a pleasant experience when program managers and administrators are well-trained for the job. DT’s wrap-up team is involved in all areas of administration and yields interpersonal contact with the involved parties.

Surety/Bonds

Surety Bonds can be a complex and difficult area to navigate if not understood properly. Depending on your needs, there are different types of surety bonds. To list a few, there are contract surety bonds, as we will talk about below, commercial surety bonds, fidelity bonds, as well as a few others. To explain simply,  a surety bond is an agreement under which one party, the surety, guarantees to another party, the obligee, the performance of an obligation by a third party, the principal.

Contract surety bonds are used to guarantee that a contractor will abide by the specifications of a construction contract. A contract surety bond assures a project owner that a contractor will perform the work and pay specified subcontractors, laborers and material suppliers

That being said, there are three common types of surety bonds used in the construction industry:

  1. Bid Bond: This protects the project owner (obligee) should a successful bidder not enter a contract or not provide the necessary and required surety bonds.
  2. Performance Bond: This is used to provide protection to the obligee should the contractor default on the obligations set forth under the signed contract.
  3. Payment Bond: This offsets any liability on the obligee should the contractor default on any of their payments to the subcontractors for their, labor, material or bills associated with the construction project.

Each surety bond must be uniquely tailored to meet specific needs.  DT Insurance Brokerage specializes in serving the needs of all contractors for surety bonds; whether it be electricians, carpenters, masons, plumbers, painters or landscapers. We also have knowledge in writing commercial bonds and fidelity bonds.  Reach out to our team to get a quote and learn more about surety bonds.

Business Owner’s Policy

A business owner’s policy (BOP) combines business property and business liability insurance into one convenient policy. A business owner’s policy helps cover your business from claims resulting from things like fire, theft or another covered disaster and from claims involving bodily injury, property damage and personal and advertising injury that could arise from your business operations.

Businesses can uniquely alter a business owner’s policy to help meet their specific needs by adding optional coverages like data breach, business income for off-premises utility services, and other specialized coverages to their business owner’s policy.

If you have a physical location for your business, whether it’s out of your home or a rented or owned office, store or other work place you should definitely consider a business owner’s policy. If the work you do is pretentious and lawsuits are likely to come your way, a business owner’s policy would be wise purchase as well.

So you may ask, if I have a property policy why should I purchase a business owner’s policy? This is a fair question; however, purchasing a business owner’s policy is smart and convenient for the following reasons.  It simplifies coverage needs by including business property and business liability, two important coverages that most businesses need, in one policy. Compared to purchasing separate policies for business property and business liability, the business owner’s policy offers businesses a way to save money while getting broad coverage for things like fire, theft, lawsuits and loss of income. It’s an even smarter and more convenient choice because other important coverages can be added to it. DT has the markets and is prepared to help you manage your business owner’s policy so you get the most out of it.