How do you know which option is right for your client?
Let's break it down:
Our Contractors General Liability offers three policy forms:
- Select - Claims-Made
- Enhanced - 2 Yr Sunset
- Premier - Full Occurrence
Having a complete understanding of these options allows you to serve your customers best.
Our new Select Claims-Made coverage option is for the Contractors General Liability product. While Full Occurrence is the most common general liability form, Claims-Made and Sunset forms are gaining popularity.
A Claims-Made policy covers incidents that are reported from the issue date of your policy and for as long as your policy remains in-force. Claims that are reported either before, or after these dates would not be covered. A retroactive date may apply to this type of policy - incidents occurring prior to this date will not be covered.
This option provides access to coverage at the lowest cost, especially in the early years of a policy and may be a great option for new ventures or for types of businesses where it is likely to be known right away when an incident has or will occur. However, it is important to keep in mind that even if an incident occurred during the time the policy was active, the claim must also be reported during the lifespan of the policy to be considered.
The Enhanced, 2 Year Sunset policy covers incidents that occurred during the policy period and where the claim is reported within a 2 year time-frame of the policy period.
A Premier - Full Occurrence policy offers lifetime coverage for incidents that occur during the policy period, regardless of when a claim is reported.
When the risk of later damage or incidents is low, Claims-Made or Sunset policies may be great options. These policies can be 10-30% lower than Full Occurrence. Make sure your contractors understand the differences and risks associated.
To get a quote, visit our Agent page for Slice partner options.