Masonry Magazine May 1966 Page. 27
Care, Custody or Control
# Installation Floaters
Mason contractors who engage in installation of precast concrete slabs should give careful consideration to purchase of an Inland Marine policy form known as installation floater. Normally written on an "all risk" basis and subject to a negotiated deductible, such floaters are designed to pay for damage to such property which is decidedly within your physical control while being hoisted in place and installed. The potential maximum exposure, premium cost and deductible amount have a direct bearing upon each other. The policy limit must certainly be more than enough to pay for the damage resulting from dropping one or more slabs, while the deductible will serve to keep the premium cost in line. Marine underwriters like to eliminate small losses which are expensive to handle and they get a feeling of security from having the insured contractor participate in payments via the deductible on the grounds that most people are moved to greater caution when they participate in loss settlements.
Properly written, this coverage is decidedly recommended where you have such exposure. Unfortunately, there are no ready guidelines as to premium cost, since everything hinges upon the potential values involved, prior loss experience and even your Workmen's Compensation and Liability record. Because this coverage tends to be unprofitable for the insurance companies, it is most often written along with the casualty and surety account as a whole.
# Umbrella Excess Liability
The last solution concerns purchase of a separate Umbrella Excess Liability policy designed to be superposed upon existing primary insurance written for modest limits. Some, but not all, umbrella contracts still extend coverage to care, custody or control property damage claims otherwise uninsured, albeit subject to a high deductible. Here again we enter the realm of negotiation and such depends upon your size of premium, loss experience, value of other people's property in your physical control and, ultimately, marketing skill of your insurance representative. Because many of the excess markets are now trimming this broad policy to make it somewhat more restrictive, it is imperative that you give close scrutiny to policy exclusions before relying upon it as a remedy for the exposure.
Where you have any doubts about the premium costs which may be quoted you, I'd be happy to assist in determining whether you have a reasonable deal, upon request.
Forty-eight thousand, five hundred persons were killed in 1965 on the nation's highways, according to a report by Travelers Insurance Companies. In addition, 4,100,000 others were injured in traffic accidents last year.
MASONRY
May, 1966
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Masonry 18 547