INSURANCE
REQUIREMENTS FOR SUB-CONTRACTORS
Maxim Enterprises, Inc has set the following requirements for insurance coverage for all its subcontractors. Please provide this information to your insurance company to make sure you have the correct coverage.
1. Commercial General Liability in the amount of at least $500,000 per occurrence/
$500,000 aggregate including:
• Care/Custody/Control coverage in the amount of $50,000.
• Personal injury/Advertising injury protection.
• Sub-limits are not permitted.
2. Errors & Omissions in the amount of $1,000,000 per occurrence/$1,000,000 aggregate
Covering the following:
• Eviction services
• Property preservation inspections
• Property preservation estimate
• Property preservation services
• Property repairs estimates
• Property re-habilitation services
• Residential property inspections
• Delinquent borrower interviews
• Commercial property inspections
• Insurance loss inspections
• Merchant site verifications
3. Maxim Enterprises, Inc must be listed as an additional insured for ongoing and completed
operation of the vendor on all coverage.
4. No restrictions for:
• Bodily injury caused by an insured to a third party resulting from the use of reasonable force to protect person or property.
• Claims based upon any inspections, preservation work or any actions performed for the
purpose of ascertaining compliance with any laws, codes or regulations; or any failure to
inspect for, discover or disclose any no-compliance with such laws, codes or regulations.
• Personal injury.
• Based upon any failure to ensure or verify that any construction project has been properly
completed.
5. Maxim Enterprises, Inc must also be a certificate holder with a 10 day cancellation/nonrenewal.
6. All insurance policies must be underwritten by a approved company with a A.M. Best
Rating no lower than “A”.
