need liability insurance and a million dollar umbrella policy

[Al Moffa]

Hello,

I just bought through my LLC a single family residence in Bucks County, Pa. which we are going to rehab. and flip.

I always GC my  projects and use sub. contractors. I need a recommendation for a liability policy and a umbrella policy

for the project. Thank you in advance.

Al Moffa

[John Mocker]

Al,

For a Flip, the usual coverage is a Builders Risk policy to cover the existing property and the additions/renovations.  Some of those include Liability.  That coverage is designed for the premises not the contracting operations.  You can get a General Contractors policy to cover that Liability.  I just did one in a similar situation in CT.  The rating was based on the Executive Supervisor payroll and the cost of the Subcontracted work.  You can get an Excess or Umbrella policy that provides additional coverage. 

I would suggest a minimum Workers Comp. policy in case of an injury to a uninsured subcontractors employee.   I would recommend having an experienced real estate/construction Attorney review your contract you use with Subcontractors.  Also, have your Insurance Agent suggest what you should require, from and insurance perspective, of the Subs.