# NEw insurance requirements



## Splinterpicker (Apr 18, 2012)

my Favorite Asset Servicer is revising their insurance requierments to have this type of additional coverage 


*bailees liability coverage* Normally, this is an inland marine insurance, despite the title. This type of coverage is designed for a bailee to provide coverage for liability for the property of customers, in that bailee's care, custody or control. Although this coverage was designed to cover the bailee's liability exposure, it can often be endorsed or have options exist to provide a no-fault coverage to protect the customer's property against any damage, whether or not there is negligence and subsequent liability.

Like freaking hell


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## Wannabe (Oct 1, 2012)

Most CGL policies have Bailees endorsement on it...we sure did or do!

Where the rub comes in is when you transport personals for storage (evictions). When you do this then you need to be licensed for transport (moving co.) & storage otherwise the Bailee endorsement is void.


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## Gypsos (Apr 30, 2012)

What dis?


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## Craigslist Hack (Jun 14, 2012)

More and more often these mortgagers are coming back with CLAIMS against nationals and Field Service contractors.


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## Splinterpicker (Apr 18, 2012)

*Update*

After talking to my insurance agent they siad " this type of endorsement is removing ( in this case FAS ) from any liability on the properties. Even if the property gets broken into and all the copper pipe stolen or vandalized it is the policy holders insurance that will pick up the bill !! As I said before .... Like freaking hell am I going to just rollover and put my feet in the air and play dead. The NATIONALS HAVE TO assume liability on these properties in part or whole THEY ARE MAKING the BIG dollars not us contractors !!


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## Wannabe (Oct 1, 2012)

Splinterpicker,

Kinda kidding.... but ... that IS the P&P business. The last "recorded" contractor on site seems to accept the liability. Its BS but I would still have this coverage but not name ANY service company on your policy as an additional insured.

FYI.. We had to use this coverage twice on bs claims....


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## Cleanupman (Nov 23, 2012)

One of the issues in this industry...we insure it...we assume the liability.
Remember everyone in the middle assume absolutely no risk...we pick it all up...
Due to the nightmare crap that has happened in this industry our agent refuses to name any one AI....They will provide proof of our policy and that is it...He even goes to bat for us with the nitwits...


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## Splinterpicker (Apr 18, 2012)

I realize this is the state of affairs we live in ... Just a really drastic change from 15 years ago where it was do the work get paid NO BS NO backcharges and crap like today where the ink isnt dry (from the buck being printed) and it is being passed already.


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## Homebrewer (Jun 28, 2013)

Splinterpicker said:


> After talking to my insurance agent they siad " this type of endorsement is removing ( in this case FAS ) from any liability on the properties. Even if the property gets broken into and all the copper pipe stolen or vandalized it is the policy holders insurance that will pick up the bill !! As I said before .... Like freaking hell am I going to just rollover and put my feet in the air and play dead. The NATIONALS HAVE TO assume liability on these properties in part or whole THEY ARE MAKING the BIG dollars not us contractors !!


Isn't Bailees coverage only for personal property you REMOVE from the property and store?

Your only liability covered under that endorsement is with mortgagers personal property removed, transported, and stored. That coverage doesn't have anything to do with the property you hauled it out of does it? Has nothing to do with the property (house) being broken into later, only the stuff you took offsite.

Am I wrong on this?


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## Splinterpicker (Apr 18, 2012)

Homebrewer said:


> Isn't Bailees coverage only for personal property you REMOVE from the property and store?
> 
> Your only liability covered under that endorsement is with mortgagers personal property removed, transported, and stored. That coverage doesn't have anything to do with the property you hauled it out of does it? Has nothing to do with the property (house) being broken into later, only the stuff you took offsite.
> 
> Am I wrong on this?


From ABOVE 

*bailees liability coverage* Normally, this is an inland marine insurance, despite the title. This type of coverage is designed for a bailee to provide coverage for liability for the property of customers, in that bailee's care, custody or control. What is property and who is the owner ?? As I look at it, it is the house at the address and it is the banks property.The house is in our custody care and control. If it were for moving personals and or storing them as another member stated it would be movers insurance that is needed. Although this coverage was designed to cover the bailee's liability exposure, it can often be endorsed or have options exist to provide a no-fault coverage to protect the customer's property against any damage, whether or not there is negligence and subsequent liability. NO FAULT coverage = get out the check book


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## Molly77 (Feb 10, 2014)

Cleanupman said:


> One of the issues in this industry...we insure it...we assume the liability.
> Remember everyone in the middle assume absolutely no risk...we pick it all up...
> Due to the nightmare crap that has happened in this industry our agent refuses to name any one AI....They will provide proof of our policy and that is it...He even goes to bat for us with the nitwits...


Who do you use? Are you still with them?


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