written by: Jim Smith
Many construction companies form joint ventures with another contractor for the purpose of performing a major project. In order for the JV to be covered on the existing construction company’s General Liability policy (CGL), the JV must be added as a named insured. Some contractors prefer to purchase a separate CGL policy specifically for the JV entity.
Unfortunately many times clients forget or do not realize they need to notify their insurance agent about the new entity. EC&S has a solution: add a blanket joint venture coverage endorsement to the existing CGL policy. This will also eliminate the need for a second policy and assure NO GAPS in coverage will occur.
In case the exposure of completed operations is on your mind, there may be an endorsement available that will include liability coverage for the joint venture following completion of the project.
Members of the EC&S Construction Team are prepared to draft manuscript endorsements and request coverage from your CGL insurer.