Dabbling into other parts of the market
- Thread starter aelectricalman
- Start date
- Status
- Location
- Massachusetts
Re: Dabbling into other parts of the market
A lot of experience put out for all to learn from.
Bob
I agree, without a doubt tx2step's post is a great one.Originally posted by willyj:
HEAR! HEAR! Well said. A million dollars worth of advice.
A lot of experience put out for all to learn from.
Bob
aelectricalman
Senior Member
- Location
- KY
Re: Dabbling into other parts of the market
Are you sure you don't want some money for that book..? Wow, thank you very much for that advice. Sounds like its not your first rodeo for sure.
Are you sure you don't want some money for that book..? Wow, thank you very much for that advice. Sounds like its not your first rodeo for sure.
petersonra
Senior Member
- Location
- Northern illinois
- Occupation
- engineer
Re: Dabbling into other parts of the market
I don't even like the title of the post.
I can just about guarantee that if you dabble in something, you will get eaten alive. lots of hsarks out there. If you want to get into soemthing, just do it, but keep in mind you will probably pay the price while you are gaining the experience you ened to be a success at it.
I don't even like the title of the post.
I can just about guarantee that if you dabble in something, you will get eaten alive. lots of hsarks out there. If you want to get into soemthing, just do it, but keep in mind you will probably pay the price while you are gaining the experience you ened to be a success at it.
tx2step
Senior Member
- Location
- North Texas, DFW area
Re: Dabbling into other parts of the market
1. Is there a thread or archive site where we could put a lot of the basic information about the ins-and-outs of being a commercial contractor? It could be titled: "So you want to be a Commercial Electrical Contractor?" Those with a lot of experience could save new or prospective ECs a lot of headaches and financial losses. Experienced ECs also want to learn more - preferably through other people's mistakes instead of their own.
2. For those that aren't familiar with "Builders Risk" insurance (I mentioned and described it above) -- A normal policy will also cover on-site vandalism repairs, on-site stored materials that are stolen or damaged, and in-transit materials that are lost or damaged. It will NOT cover your lost or damaged tools or equipment -- for that, you will need an "equipment floater" policy.
The cost of a Builders Risk policy is small -- For a $300,000 building (the electrical would probably be about $30,000 to $50,000 of that), it would cost the Owner or the GC about $500 (a one-time premium) to take out a policy that would cover a year-long construction schedule. Everyone, including all of the subs, would be covered by the policy as long as all of them were listed as "Additional Insured" by whoever (Owner or GC) took out the policy initially (you can also be added after the fact if you got left out).
To make sure that you are covered by a policy, get a standard "ACORD" "Certificate of Insurance" directly from the insurance agent that issued the policy (not from the Owner or the GC). The Certificate should come directly from the Agent to you. It should be an original certificate. It should show that you are an "Additional Insured" on the policy, and should name the Project. It will have the name of the insurer (i.e. the insurance carrier) and the policy number. Look up the insurer on the "A.M. Best" website to verify their financial rating and that they are a real company. Since you are an "Additional Insured" you can even get verification directly from the insurance carrier that the policy is real (fake documents do happen).
1. Is there a thread or archive site where we could put a lot of the basic information about the ins-and-outs of being a commercial contractor? It could be titled: "So you want to be a Commercial Electrical Contractor?" Those with a lot of experience could save new or prospective ECs a lot of headaches and financial losses. Experienced ECs also want to learn more - preferably through other people's mistakes instead of their own.
2. For those that aren't familiar with "Builders Risk" insurance (I mentioned and described it above) -- A normal policy will also cover on-site vandalism repairs, on-site stored materials that are stolen or damaged, and in-transit materials that are lost or damaged. It will NOT cover your lost or damaged tools or equipment -- for that, you will need an "equipment floater" policy.
The cost of a Builders Risk policy is small -- For a $300,000 building (the electrical would probably be about $30,000 to $50,000 of that), it would cost the Owner or the GC about $500 (a one-time premium) to take out a policy that would cover a year-long construction schedule. Everyone, including all of the subs, would be covered by the policy as long as all of them were listed as "Additional Insured" by whoever (Owner or GC) took out the policy initially (you can also be added after the fact if you got left out).
To make sure that you are covered by a policy, get a standard "ACORD" "Certificate of Insurance" directly from the insurance agent that issued the policy (not from the Owner or the GC). The Certificate should come directly from the Agent to you. It should be an original certificate. It should show that you are an "Additional Insured" on the policy, and should name the Project. It will have the name of the insurer (i.e. the insurance carrier) and the policy number. Look up the insurer on the "A.M. Best" website to verify their financial rating and that they are a real company. Since you are an "Additional Insured" you can even get verification directly from the insurance carrier that the policy is real (fake documents do happen).
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