No, there are plenty of laws and regulations that address overhead and profit. Contractors charge it and insurance companies pay it. That's the nature of the beast.
The insurance company that doesn't pay it is not only an exception to the rule but runs the risk of breach of contract and bad faith lawsuits as well as sanctions by insurance departments.
There has been much litigation against insurance companies that mess around with overhead and profit, including several class action lawsuits against major insurance companies.
can a contractor have liability insurance backdated to show the company was insured
A self employed contractor general liability ins., Workers comp if a corporation, but whoever is the bond company they should be able to assist in insurance coverage for the company.
While different states may have different requirements, it is generally the responsibility of the contractor to furnish his or her own general liability insurance. Of course, the costs of any business will be, one way or another, paid for by monies received from clients. These are "overhead" costs and will be factored into bids throughout the course of a fiscal year.
If the insured elects to do the work themselves, profit is not usually included in the estimate. Insurance policies are not in place to profit the insured. They are to make the insured whole again. Overhead would be included.
An insured contractor is a contractor who carries a Commercial General Liability Insurance Policy.
Yes
A person will need a general contracting license in Carroll County, Maryland if they are performing duties in which they would need to be covered by insurance or a specific company. A general contractor will contract out work for other people to do.
Just like they would bill any other customer. Most of the time it is not a separate part of the pricing. If a roof needs to be replaced then the adjuster may contact a couple of reputable contractors to get prices. Usually the insurance company prefers that the client choose their contractor but if they need help the adjuster will provide help. The contractors will provide estimates of the entire job and that is the way it would be handled. The insurance company doesn't generally ask for any breakdown other than what the contractor chooses to provide. For instance, a smart contractor will separate material and labor so that they will pay sales tax on the material only but if one price is given sales tax is due on the entire amount.
no
General liability.(contractor's)
"Commercial General Liability" is the appropriate coverage policy type for an HVAC service technician or company.
Yellowpages is a great resource to find a contractor for general liability insurance in Mobile, Alabama. The website contains contact information for multiple contractors.