All Forum Posts by: Brad G.

@Joshua GonzalezWelcome to BP!

The general rules are a good place to start.  However, I suggest using some actual numbers (rent, taxes, etc) while accounting for vacancy, maintenance, etc. to get a better understanding if there is a deal on cashflow.  You should also check the sold comparables in the area to see if you would have some equity.

@Jason BottThe premium versus risk discussion makes sense.  Thanks for the explanation of the faulty workmanship clause.  I would be more concerned about the tripping liability than the tile itself so it's good to know that is covered.

I would like to know if others typically add themselves as additional insured on their contractor's general liability insurance.  Is this just a nice to have, or are their specific cases where this is really needed?

As background, I have been trying to do so because the insurance agent I was working with indicated my policy did not cover faulty workmanship, and I would need to be additional insured on contractor's insurance to have coverage.  The agent also indicated that contractor's insurance would not provide me much value in general unless I was an additional insured.  I can see the benefit of being covered under the contractor's insurance, but I was surprised by this faulty workmanship exclusion in my policy and the statement of the limited value to me of the contractor's insurance unless I were an additional insured.  

While I have been trying to add myself as additional insured, some of the contractors I have been working with do not seem to be familiar with the process and requesting it has made things more difficult.  So, I am wondering if it's really needed and seeking input form the BP community on what to do.  I have done some research online, and it seems that many general contractor policies do not cover faulty workmanship, and I would not be covered even as an additional insured in that case.  

I do realize that this detailed question may be policy specific and have to be answered by an insurance agent.  So, if any other Connecticut investors have recommendations for insurance agents, that would be greatly appreciated.

@Carey LillyWelcome to BP!  It's always good to see another CT investor on here.

Nice!  A meetup very close to me.

@Daniel Raposo Cool video.  I like to see that you are donating.  I will be following this.

I will be there.  Looking forward to it since I missed the last two meetings.

@Joshua Dow There is a school is West Haven that I am attending where you can get your license in 5 weeks.  I am going because the schedule is very flexible (since I am already working full time) if you are going to take longer.  While it does not seem to be in the area where you are looking, let me know if you want some information.

@Leo S. Welcome to BP!  It's always good to see another CT investor on here.