0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
Do you have to have a general contractor to get overhead and profit from the insurance company?
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.
What is Overhead and Profit?
The terms overhead and profit are used together by a business in reference to their profit and expenses. Insurance companies pay overhead and profit on property insurance claims.
what is and overhead?
The terms overhead and profit are used together by a business in reference to their profit and expenses. Insurance companies pay overhead and profit on property insurance claims.
Can you act as your own general contractor and receive overhead and profit when filing an insurance claim?
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.
What is net profit for electrical contractors?
Not enough!
What is the difference between A contractors and B contractors?
In California, "A" contractors are engineers and "B" contractors are general contractors.
When was Associated General Contractors of America created?
Associated General Contractors of America was created in 1918.
How do you become a general contractor in California?
You can obtain your general contractors license by going with one of the contractors schools
Are there any general contractors in the California area that guarentee their work?
Yes, there are general contractors in the California area that guarentee their work. You can try BYCOR General Contractors and their number is (858) 587-1901
Is general motors for-profit or not-for-profit?
General motors is for profit company.
Are insurance companies required to pay overhead and profit to general contractors in any states?
Insurance Companies and GCs Yes, they are required to pay normal cost of doing business for the contractor (Job related or GC) according to the Texas Department of Insurance. They only have to pay the amount that was agreed on at the beginning of the contract, but should include OHP. Yes, 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. Also, insurances charge insureds in their policies to cover it and keeping it is an illegal windfall. 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.
What do general building contractors do?
General building contractors build residential, industrial, and commercial buildings, while heavy construction contractors build structures such as roads, highways, and bridges.
