According to the CSLB Description of Classifications, the C-21 Building Moving/Demolition contractor raises, lowers, cribs, underpins, demolishes and moves or removes structures, including their foundations. This classification does not include the alterations, additions, repairs or rehabilitation of the permanently retained portions of such structures.
It’s important to note that once a building has been moved and set on some type of foundation, any repairs, alteration, or rehabilitation is done by a separate category contractor. Certainly, this industrial work involves hazardous tasks and requires special tools and equipment. There remains the risk of third-party claims of bodily injury and property damage during the project and employees area certainly exposed to work-related injuries and illnesses. Fairbanks Insurance Brokers provides a suite of commercial coverages that will allow the building moving and demolition contractor to transfer the company’s risk to a highly-rated insurer.
Here is What We Recommend:
General Liability: The General Liability (GL) policy provides the needed financial protection against third-party claims for bodily injury, property damage, defense costs, and products/completed operations.
Workers’ Compensation: The workers’ comp policy, which is required by the state in order to be licensed, is a critical coverage for employees of the contractor. Employees and subcontractors for the Building Moving/Demolition contractor are continually at risk of work-related injuries, illness, and work loss, and so having financial protection provided by workers’ compensation insurance not only protects employees but protects the business as well.
Surety Bonds: A surety bond is not the same as insurance protection. It is similar to a guaranteed line of credit in the event that your business is unable to complete a project according to the terms of the agreement and also protects your subcontractors and vendors in the event that your business does not pay invoices for services and products.
Commercial Auto: It goes without saying that a contractor in the business of moving or demolishing buildings will routinely use trucks and vans with various GVWs. Your commercial auto policy will provide the higher limits required when moving buildings on a roadway plus it will protect your vehicles in the event they are damaged in an accident or stolen.
Tool Coverage: All contractors rely on various tools and equipment that allow them to complete every project effectively. Our tool and equipment coverage also referred to as Inland Marine Insurance, will reimburse your company for the repair or replacement of lost, stolen, or damaged tools and equipment.