With insurance premiums increasing every year, and construction/remodeling companies taking on the burden of insurance costs that may not even relate to their business, many of these businesses are finding themselves unable to make a profit due to the high insurance payments.
This is where Luke Secrest of Columbus-based Advanced Foundation Solutions, “The Basement Guys” stepped in with eight other individuals from the National Association of Waterproofing and Structural Repair Contractors (NAWSRC) to come up with a unique insurance program tailored to the industry.
After having risk factors analyzed, the NAWSRC insurance program came together to include only risk factors associated with the industry, so the cost is much less and is all relevant. Additionally, insureds do not own the principal reinsurance company, and have no risk of having to make up losses.
The insurance program plans to launch in March 2006, and will save thousands of companies nationwide much money, as well as keep many in business. To be eligible for the program, a company must be a NAWSRC member.