FEATURE
“... make sure that the scope of work is clearly defined – leaning heavily into the“ what, where and when” of each project.”
“ what, where and when” of each project. That way there is absolutely no misunderstanding as to what your project will include, exactly which areas will be worked on and the timeframe in which you agreed to perform the work( with obvious exceptions for weather-related delays). Also, Cerosky says contractors should not be surprised if a customer requests a performance and payment bond. He describes it as a financial guarantee instrument that protects the customer and guarantees that the work will be performed to the specifications outlined in the project’ s contract. The payment portion of the bond guarantees that any subcontractor you may hire will also be paid for work performed. Cerosky says those bonds are issued at amounts that vary from one percent to three percent of the contract. By nature, insurance coverages for asphalt and paving contractors will look significantly different than the coverages that might be recommended to your local retailer or restaurant. For that reason, all our experts agreed that the first step is to consult with someone with specific industry expertise.“ With experience serving major contractors and developers, there’ s no one-sizefits-all solution,” Failoni says.“ Coverages must be customized to each client’ s needs. This is why partnering with a broker specializing in the industry is crucial – it helps avoid wasteful spending and maximizes protection.”“ Asphalt paving contractors should adopt a comprehensive approach to insurance that addresses their unique risks, complies with legal requirements and meets client expectations,” says Goldman.“ Partnering with an insurance professional can help tailor a policy package to fit specific needs.”
For More Information On This Advertiser Please Visit www. CallAPE. com / e-inquiry
[ 22 ] www. callape. com 1.800.210.5923