AC & Mechanical Contractor Insurance Information
AC & Mechanical Contractor Insurance Information
General Liability Insurance
The DBPR requires all contractors to have a minimum amount of insurance general liability insurance.
Public Liability Insurance
As a prerequisite to initial licensure or the renewal of a license as a certified or registered contractor, all applicants must submit a signed affidavit attesting to the fact that they have obtained and will maintain public liability and property damage insurance in the minimum amounts of $300,000 (liability)/ $50,000 (property damage) for general and building contractors, and $100,000 (liability)/ $25,000 (property damage) for all other contracting categories under Part I of Chapter 489. Applicants for licensure as a certified or registered electrical or alarm system contractor must submit proof of liability insurance in the amount of $100,000/per person, $300,000/per occurrence and $500,000 property damage insurance, or a minimum combined single policy limit of $800,000
Here is a link explaining the General Liability requirements for Florida contractors
Bonds
The DBPR requires contractors with a credit score below 660 have a bond. The size of the bond is determined by below. It also requires financially responsible officers to have a $100,000 bond
61G4-15.006 (2) The financial stability ground on which the Board shall refuse to qualify an applicant is failure to provide proof of either a financial stability bond or an irrevocable letter of credit from a bank authorized to do business in the State of Florida. The bond or letter of credit must be in a form acceptable to the Board and must remain in effect until the applicant can demonstrate a credit score, FICO derived, of 660 or higher, and must be payable as provided in Rule 61G4-15.0021, F.A.C., for Financially Responsible Officers in the amount of:
(a) $20,000 for Division I applicants.
(b) $10,000 for Division II applicants.
(3) Fifty percent of the financial stability bond or the letter of credit requirement may be met by completion of a 14-hour financial responsibility course approved by the Board.
Here is a link explaining more about bonds.
Workers Comp
Are you getting paid back every year from your workers comp policy ?
We can write a policy for you, please call to see if your company qualifies.
Here is a link explaining workers comp dividend plans
Commercial Policy
By grouping several policies together, the insurance carrier will lower the rates because they are diversifying their risks.
This means that there is a smaller chance of you having a claim on several policy's all at once thus reducing their risk, thus lowering your premium
Here is a link explaining this coverage