William Newton, president of Los Angeles-based Lemac & Associates announced that they have added a new market for residential contractors in California.
With a Best’s rating of “A” VIII and a minimum premium of $25,000, this non-admitted market is priced right for California builders and is targeting “fit & finish” contractors such as:
• Cabinet Contractors
• Carpentry (finish)
• Floor Covering
• Steel Work (ornamental)
Tract work is acceptable; and they will look closely at the general contractors with whom the insured is working.
Insureds must be in business for no less than 5 years. Minimum premium is $25,000 and the maximum limits available are $1/$2/$1. Multi-unit dwelling/condominium/town home work is not acceptable with this market, however, Lemac has many other markets that will fit the bill.
Submission requirements are:
1. Acord application;
2. A company specific Contractor Questionnaire (available from any Lemac account representative or at www.lemacassociates.com);
3. Currently valued loss runs for the past five years;
4. Job list.
Note that coverage will be limited to the work described in the application making it imperative that the Questionnaire be completed fully and correctly by the insured.
Interested agents and brokers are invited to visit the Lemac Web site at www.lemacassociates.com or call their Lemac account executive in Los Angeles at (323) 857-9400 or Orange at (714) 938-0251.
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