Mandelon
09-13-2007, 04:13 PM
RANT ON:
Our General Liability Insurance adjusted bill just came. Our policy was $18,139 for the fiscal year based on last year's income. Well with the foreclosure boom our volume has gone up...and once we had the audit complete I received a final audit endorsement... a bill, essentially.
The additional premium is $14,827. :sqeyes: They are so nice about it too, "Pay no later than 9/21/07 or the company will send the accoutn for Direct Collection".....
Nice huh? No disputing it, we owe the money, but it'd be nice to have 30 days... sheesh.
Volume went from about $800K to over $1.5M...:eek: So when you wonder why the licensed and insured contractors cost more than you neighbor......here's a big part of it. $32966 a year for liability. Not to mention the $2500 a month additional for Workers comp!
RANT OFF.
We've made a couple claims over the years, some crazy tenant sued us and a bunch of other contractors and managers, and the insurance co paid $16,000 to the attorneys and another $7500 settlement. We've had a few workers comp claims too.
Our General Liability Insurance adjusted bill just came. Our policy was $18,139 for the fiscal year based on last year's income. Well with the foreclosure boom our volume has gone up...and once we had the audit complete I received a final audit endorsement... a bill, essentially.
The additional premium is $14,827. :sqeyes: They are so nice about it too, "Pay no later than 9/21/07 or the company will send the accoutn for Direct Collection".....
Nice huh? No disputing it, we owe the money, but it'd be nice to have 30 days... sheesh.
Volume went from about $800K to over $1.5M...:eek: So when you wonder why the licensed and insured contractors cost more than you neighbor......here's a big part of it. $32966 a year for liability. Not to mention the $2500 a month additional for Workers comp!
RANT OFF.
We've made a couple claims over the years, some crazy tenant sued us and a bunch of other contractors and managers, and the insurance co paid $16,000 to the attorneys and another $7500 settlement. We've had a few workers comp claims too.