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Randy's Forum Posts: 98
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By Randy in Dunlap, TN on 2/12/2006


All,

    Noticed on another thread (OB financing) a recommendation to protect yourself under an LLC while you are building.  Anyone have further insight?  Seems to me that if your subs are all properly insured (good interviews and screening) that you would not need such protection.  On the other hand it makes sense to protect yourself to the fullest extent possible.  The book does not address this issue, just wondering what most have done and what is the safest course.

Randy


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By Jay in Elkhart, IN on 2/16/2006


Randy,

I think that is a bit of an overkill.  You're right, cover yourself by doing good interviews and screening with all your subs, and vendors.  Check with your local building department to verify what their requirements are (bonds, license, and insured); most reputable subs should have this information already.  Get copies for your records, before hiring.  Requirements on your end: proper builders insurance and a extension policy I believe CWC (Contingent Workers Comp policy) can be added in most cases for $50-100 premium a year.

Also during construction before a trade starts, have 5-10 min safety meeting i.e. pointing out cleanliness or obstacles, and document. 

Jay


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By Paula in Fredericksburg, VA on 2/17/2006


Jay

Can you elaborate on your statement regarding Contingent Workers Comp?  Have you personally experienced this?  Where did you get your workers' comp insurance from?  I have looked high and low for it and have had very little luck obtaining a policy.  Any insight would be appreciated.


Paula


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By Jay in Elkhart, IN on 2/20/2006


Paula,

Yes, it is my understanding that this policy should (word used loosely) be on everyone's homeowners policy, i.e. "everyone will have some work done on their house sometime".  Some agents offer it in their "All inclusive homeowners policy" or will add it as an added incentive.  Some agents offer a standard package and might not be very familiar with it.  Again it's not very expensive, it was always included in my homeowners and until it was explained, I never really paid any attention to it. 

In other words my agent explained that if you were having any type of work done on your existing house that involves an outside party (i.e. sub, vendor, installer) you are under the same risk of liability as if you were building.  Again the most important thing is that you cover yourself with the people you are hiring checking their references and licenses.  Let me do some digging through my paperwork to get the exact verbiage.

In the meantime, ask your agent if there is anything in your current policy that offers some sort of liability protection for any work on your existing home.

Jay


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