Masonry Magazine July 1965 Page. 8
Insurance For Contractors
(continued from page 7)
Comprehensive Coverage
For a single premium, the hazards of fire, theft, glass breakage, malicious mischief, vandalism, and accidental damage to the vehicle other than that caused by collision may be insured on an actual cash value or stated amount of insurance basis. In either case, the amount recovered in the event of total loss is the current market value of the vehicle at the time of loss. In most cases however, less premium will be developed by carrying insurance on a stated amount basis, particularly when a fleet of five or more units is covered. May be written with a deductible.
Fire, Theft and Combined Additional Coverage
As an alternative, the specific perils of fire, theft, windstorm, hail, earthquake, explosion, flood, rising waters, riot, civil commotion, malicious mischief, and vandalism may be insured at a premium saving over Comprehensive Coverage, particularly where the glass breakage exposure is negligible. May be written with a deductible.
Collision
Damage to owned or long term leased automobiles is available at deductibles ranging from $50 to $1,000 or more. The premium saving at $100 deductible or higher is often enough to justify its purchase in lieu of a more conservative amount. Some of this advantage is offset at high deductible levels by the insurance (continued on page 18)
THE AUTHOR
Walter T. Derk is Assistant Vice President of the Fred S. James & Company, national brokerage firm with headquarters in Chicago. He has over 19 years of experience in the casualty insurance field and is one of the leading national speakers on this subject. Mr. Derk has lectured architectural classes at the University of Illinois on the subject of contract specifications and is the author of many comprehensive articles on insurance.