With the end of the United States Army Corp of Engineers (USACE) DBA program approaching this October, contractors who are insured in the USACE program need to be aware that their DBA Insurance coverage will not be renewed after October 1, 2013, and that they must now secure their policy in the open market. Here’s a quick overview of the process to help you get started.
Applying for DBA Coverage in the Open Market
The first step to secure coverage involves finding a trusted insurance broker who works with authorized DBA Insurance carriers. (The LATITUDE DBA Insurance program is a broker for Allied World Assurance, an authorized DBA carrier.)
- You’ll be asked to complete a DBA coverage application, and provide a loss or claims history and a Statement of Work.
- The broker will assist in preparing these documents and will then submit them to the insurance company’s Underwriting team for review.
- The insurance company will use these documents to determine the rate that will be charged based on the type of work that will be done and what the minimum earned premium will be (minimum earned premium is what the insurance carrier is guaranteed they will be paid even if the insured immediately cancels the insurance policy after binding coverage).
- A proposal is then issued by the insurance company and presented to you. If you accept the proposal, the insurance company binds the coverage, issues your policy, and your coverage is in effect.
Now is the time to begin the search for a replacement DBA policy. The LATITUDE DBA Insurance program is an excellent resource for contractors seeking DBA Insurance in the open market. Our team of experts has more than 25 years of experience and extensive knowledge of the DBA marketplace. If your insurance is currently with the USACE DBA program and expires October 1, 2013 or after, contact the LATITUDE DBA Insurance program today to explore your options.