Bailees for Restoration Contractors

Bailees Coverage enhancements include, but not limited to, the following for qualifying risks:

  • Admitted A+ XV paper
  • Provides coverage for property of others that is in your care, custody, and control for processing or held in storage. Coverage continues for items being stored even after the restoration has taken place unlike other carriers.
  • Bailees coverage extends to cover transit, storage at non-scheduled 3rd party storage locations, PODs on job sites.
  • Definition of processing includes but is not limited to finishing, repairing, restoring, adjusting, or other similar work upon the property,
  • Earth movement or volcanic eruption and flood exclusions removed for all states except CA and AK at present. Awaiting filing approval for CA at present
  • Actual cash value for customer goods is deleted to provide replacement cost coverage without deduction for depreciation. Most other carriers pay ACV only and only one carrier in this space will do replacement cost of only $250k total on a policy providing bailees limits of $1mm. This is an E&O problem for you as the carrier decides which $250k for which of the insureds customers goods is replacement cost. Some of the restoration program vendors and TPA’s do require the restoration contractor insured to carry $1mm of bailees to be on their vendor program.  This is the only place to get full replacement cost on the entire $1mm limits. 
  • Higher limits are available
  • This is a separate inland marine policy unlike some environmental carriers who do not offer Bailees on a separate inland marine form but the liability form which will erode the liability limits if used.
  • We can offer scheduled equipment, builders risk as well as property and business income for your restoration contractor as well.
Please click for the supplemental application. Please provide accord apps and any property/inland marine loss runs along with the supplemental application.
Our exclusive Remediation Contractor Special Coverage endorsement was created by our agency and an A+XV carrier.  It is available only through us for your restoration contractor risks and can be combined with Property and Inland Marine coverage.
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