Contractor BOP/GL and Property Insurance Package

Small contractors want to control costs while protecting their business and assets from accidents that could cause financial setbacks. Novatae Risk Group offers a tailored Contractor BOP / General Liability and Property Insurance package to help you place those accounts quickly and competitively.

This program combines Businessowners (BOP), Commercial General Liability (CGL) and Property coverage into a simplified package. Novatae Risk Group has authority to quote, bind, and issue new accounts in-house, so you can move accounts from submission to policy faster and with reliable service.

Please contact us at 800-758-8113 to speak with our experienced wholesale brokers about Contractor BOP/GL and Property Insurance Package accounts.

Program Highlights:

• 4 Hour Indications/Quotes!
• Same Day Bind and Issuance of Policy!
• $1,000,000 / $2,000,000 CGL Limits
• Excess Liability up to $5,000,000
• In-house authority on property up to $5,000,000 Total Value any one location
• Higher property values to $25,000,000 — submit for fast approval
• Broad class code acceptance

*Property coverage can include Building, Business Personal Property, Contractors Equipment, Business Income and Extra Expense.

Program Features:

• A.M. Best rated carriers (admitted and non-admitted), capacity includes carriers rated as high as A/XV
• $500 minimum premium
• $500 minimum deductible
• ISO form GL

Coverages Available:

• Property and Inland Marine Coverage: Basic and Broad form available; up to $5,000,000 per location for buildings, contents, and business income
• $250,000 sub-limit on contractor’s equipment and tools (owned, leased, or rented to others)
• Extensions of coverage:
  • $25,000 blanket limit for fire extinguishing system expense
  • Lock replacement; outdoor signs; outdoor trees, shrubs, plants and lawns; tenant move-back expense
  • $10,000 sub-limit for sewer and drain backup; employee dishonesty; forgery or alteration
  • $5,000 sub-limit for money and securities; spoilage due to refrigeration loss

Target Contractor Classes: (Not a Complete List)

Submission Requirements:

• Acord 125 and 126 for GL
• Acords for Property / Equipment when applicable
• Completed supplemental application

Underwriting Notes and Appetite

• This program is designed for small to mid-sized contractors seeking combined GL and property solutions with quick turn times.
• Fits: risks with standard to moderately complex exposures, owned or leased equipment, and property values up to the stated limits. Broad class acceptance makes this a good fit for general contractors and specialty trades listed above.
• Typically not a fit: high-hazard mono-lines (heavy pollution exposures), monoline professional liability for design-build errors, or accounts with significant prior losses without underwriting justification. Large wrap-up projects should be submitted for review.

Territories and Availability

Most states available. This program places coverage on both admitted and non-admitted paper with carriers rated as high as A/XV. Primary availability includes: AL, AK, AZ, CA, CO, CT, FL, GA, IL, KY, LA, MN, MS, MO, NV, NJ, NM, NY, NC, PA, SC, TN, TX, UT, VA, WV, WI. Check with Novatae Risk Group for any state-specific filing or capacity changes.

Why Work With Novatae Risk Group on This Program

• In-house quoting, binding and issuance speeds placements and reduces back-and-forth for time-sensitive accounts.
• Wholesale broker expertise and direct access to admitted and non-admitted carriers gives flexibility to match pricing and forms to client needs.
• Competitive limits and excess liability capacity help you secure layered solutions for growing contractor clients.
• Low minimum premium and standardized forms make smaller accounts economical to place.

Example Accounts

• You have a general contractor with $1.2M building values at a single location, owned equipment, and modest payroll — this program can combine GL and property coverage with same-day issuance.
• You have a pool contractor with several subcontracted jobs, tools and equipment, and a need for inland marine — the program’s contractor equipment limits and inland marine options can be packaged into a single policy.