Two million dollar aggregate; one million each occurrence. Includes additional insured. 70 story limit. I have been told of estimates of around 1,500 but after it was looked into they said 5,000, so that’s what I pay. 60,000 a year.
I called a company in New York City that said 5,000 a year was good, but that 5,000 a month was ridiculous. And that’s in New York City.
Thats insane! Try Safeco. 5 mil aggr. 2 mil per is at about 3 grand per year.
You might want to call other high rise guys and see what they are paying. Usually in high rise 2 mil ain’t enough. Some want at least 3 and some want 5.
I would be shopping every insurance company out there before I paid 5K per month
Roofing has I believe the highest liability and workmans comp rates…and its not anywhere near that amount. Maybe the agent misunderstood?
Yeah, that’s nuts. It’s true you’ll pay more if you have no business history, but that is off the chart. We do some high rise, and never have paid anywhere close to that. Perhaps the agent was confused as to what you meant.
At first every insurance broker I called said 1500 was the lowest possible and that that’s what they expected it to be. Only one has gotten back to me, and they told me that 1500 was out of the question, and to beware that anyone offering 1500 could be a scam. I think all the brokers use the same underwriters, I also called AA Underwriters directly but I haven’t gotten any other actual estimates other than the 5,000 I got from 1st State Insurance in Pembroke Pines.
How long have you been in business? What does your previous claim history look like?
I know here in NJ GL is decided by your annual net income. Did you tell them you expect to make a million this year?
I told them 80,000 they put it at 100,000 though.
It’s a mistake; it’s getting figured out.
I know here the pricing - coverage doesn’t run laterally either… I.E. jumping from $1m coverage to $2m coverage will not double your premium.
I got that same bs speech before. they just don’t want you to feel it as they…well you get the point.
one of them even wanted me to bring them my business plan lol.
I kindly hung up the phone on that one.
I’m surprised dange hasn’t provided his high-rise insurance cost input here…
