What is the Faulty Workmanship Coverage Endorsement?
Contractors Faulty Workmanship Coverage is a new and unique endorsement that provides a $10,000 limit to protect your clients against claims arising out of faulty workmanship, materials or products. These claims would otherwise be excluded by the “business risk” exclusions found in every standard ISO Commercial General Liability policy.
In states that require a contractors license bond, claims arising out of faulty workmanship, materials or products may also be made against the contractor’s license bond. If the bonding company pays any such claim, the contractor must repay the bonding company. The contractor’s failure to repay the bonding company could result in suspension or revocation of their contractor’s license. By protecting against bond claims, the Contractors Faulty Workmanship Coverage also protects the contractor’s license, and their livelihood.
Highlights of the Faulty Workmanship Coverage:
Unique coverage: This coverage is exclusive to our partnership with leading U.S. insurance carrier and only available on Victory® Admitted!
$30 Minimum Premium: The rate for this unique coverage enhancement is based on receipts, with a $30 minimum premium!
Added Protection for You: Claims made coverage form, extended reporting period available!