A contractor came to NYC Business Group while preparing a bid for a new project. Their existing liability policy did not satisfy all of the project's insurance requirements. NYC Business Group reviewed the bid requirements, prepared coverage options and supporting insurance documentation, and helped the contractor submit a compliant bid. The contractor won the project.
The Challenge
For contractors, having insurance isn't always enough. The coverage also has to meet the specific requirements of the project they're bidding on — and those requirements can become quite detailed.
A contractor recently came to NYC Business Group while preparing a bid for a new project. The contractor already carried liability insurance, but the existing policy did not satisfy all of the insurance requirements outlined in the bid documents.
The project required higher liability limits as well as additional insurance coverage. Just as importantly, the contractor needed certificates and insurance documentation containing specific wording required by the party awarding the contract.
Those requirements were part of the bid itself. The contractor couldn't simply provide proof that insurance was in place; the submitted insurance documentation needed to demonstrate that the required limits, coverages, and provisions could be met.
That meant the insurance requirements had to be understood before the contractor finalized the bid.
How We Helped
The contractor contacted NYC Business Group and provided us with the insurance requirements included with the project specifications.
Rather than simply quoting a larger liability policy, we reviewed those requirements to determine exactly what the contractor needed to satisfy the bid.
We then prepared insurance quotes based on those requirements, including the higher liability limits and additional coverages the project called for.
We also prepared the corresponding insurance forms and documentation so the contractor could demonstrate how the proposed coverage would address the requirements outlined in the contract.
The Result
The contractor was able to submit the bid with the requested insurance information and supporting forms included.
More importantly, the insurance requirements didn't become an obstacle between the contractor and the project.
The contractor won the bid.
“On many projects, understanding the insurance requirements is part of winning the work.”
Insurance support goes beyond the policy
For a contractor, this is an important reminder that insurance can be more than a requirement that gets addressed after winning a job. On many projects, understanding the insurance specifications and demonstrating the ability to meet them is part of winning the work in the first place.
NYC Business Group works with contractors to help them understand and meet the insurance requirements they encounter in contracts, leases, project specifications, and bid documents.
Whether the issue involves liability limits, additional coverage requirements, certificates of insurance, or specific insurance wording, we can review the requirements with you and help identify the coverage needed before they hold up a project or bid.