Handyman rates

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?? Does that mean new construction carpentry and repair of old carpentry? Is that all that it covers? I mean like what if you did some associated plumbing and water damage occured because of a failure of materials or workmanship?
Or does the policy also cover if say you strictly do some electrical stuff and it results in a fire?
Just curious.
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The carpentry/repair is my description for an unusual type of coverage for repair of old stuff and creation of new, and my agent had to go with Lloyds of London to find it. As a handyman, I do lots of different kinds of stuff, and most insurance companies wanted to do fifteen different policies instead of just one. The landscaping part costs less than $100 a year, and the other coverage is about $1000.
I don't have plumbing or electrical licenses (or any other kinds of licenses), so I'm prohibited from doing anything that requires a license--by insurance coverage as well as by law. I can repair a sink or install a faucet, but I can't run the pipes. I can install a ceiling fan, but I can't run a new wire to the junction box.
As I understand it, my errors and omissions insurance covers pretty much any damage I might cause, as long as I didn't do it on purpose, or in a way that I should have known better as a professional, or it's something they specifically exclude like asbestos remediation or lead paint removal.
I just renewed it after a two-week lapse, because my insurance company didn't send me a notice. Lloyds sent the notice to Brooks Insurance corporate in Kansas City, and corporate didn't forward it to my local agent. This was the second year in a row. That problem shouldn't recur, since my agent is no longer affiliated with Brooks Insurance, seeing as how they're going out of business. Lloyds will now send the notice directly.
--
Steve Bell
New Life Home Improvement
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SteveBell wrote:

Does Brooks Insurance have Affirmative Action employees?
TDD
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On Tue, 25 Nov 2008 00:32:21 -0600, The Daring Dufas

????? What a weird question.
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KLS wrote:

Not really, I have to deal with AAEs all the time. It's a competency issue. If you read Steve's post, his paperwork was not sent to him as required. My guess is the AAE effect. The truth always hurts.
TDD
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On Tue, 25 Nov 2008 10:50:44 -0600, The Daring Dufas

Your guess is not necessarily the truth, and you're sounding like quite the bigot. Incompetence is everywhere, trust me.
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KLS wrote:

Define "bigot". You're sounding like quite the liberal, commie, politically correct, brain washed, Democrat dingle berry. *snicker*
TDD
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The Daring Dufas wrote:

PLONK.
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aemeijers wrote:

I love the feel of white satin against my skin. *snicker*
TDD
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Thee are performance bonds that are to secure the buyer against not finishing a job. Then there are person bonds, such as bank tellers have. that insure them against theft of an owner's property while you are working there. They often require a background check.
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The thing is, I see ads where people claim they're bonded. A locksmith comes to mind. Is that a person bond that's somehow different from insurance?

I think I'll do OK there. The FBI didn't have any trouble giving me a clearance when I was a computer weenie for a military contractor. :-)
--
Steve Bell
New Life Home Improvement
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AFAIK, it is a type of insurance. Locksmiths have the ability to make a spare key to your house, possibly your security system, safe, etc. . Obviously, you have to be able to trust them a bit more than a plumber fixing a faucet. I guess you are insuring your honesty.
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In The State of Washington, one needs the "government" permission to feed, cloth and shelter his/her self by means of "self employment." This permission includes requirements that one must, in addition to having a license (permission to do what, otherwise, would be illegal), have both a bond and insurance.
Bonds tend to be much cheaper than insurance, the rates of which have sky rocketed in recent years. Bonds can be sued to recoup losses and damages. If the bonding company must pay out, it goes after the person it bonded to recoup its loss. Insurance, on the other hand, pays on their behalf. A bond leaves the person bonded liable, but insures the injured they will be paid up front (after a hell of a lot of effort and legal expense).
An example application of a bond can be seen in its application to government officials. They also must be bonded and that bond can be attached for theft and such seven years after the person they left office. They don't have to have insurance, though the municipal or other entity will have insurance covering their acts and omissions.
From Wikapedia:
A surety bond is a contract among at least three parties:
* The principal - the primary party who will be performing a contractual obligation * The obligee - the party who is the recipient of the obligation, and * The surety - who ensures that the principal's obligations will be performed.
Through this agreement, the surety agrees to upholdfor the benefit of the obligeethe contractual promises (obligations) made by the principal if the principal fails to uphold its promises to the obligee. The contract is formed so as to induce the obligee to contract with the principal, i.e., to demonstrate the credibility of the principal and guarantee performance and completion per the terms of the agreement. Contract bonds guarantee a specific contract. Examples include performance, bid, supply, maintenance and subdivision bonds. Commercial bonds guarantee per the terms of the bond form. Examples include license & permit, union bonds, etc.
Suretyship bonds originated hundreds of years ago as a mechanism through which trade over long distance could be encouraged. The first corporate surety firm in the United States was United States Fidelity and Casualty Company of New York, established in 1880. According to the Surety & Fidelity Association of America annual US surety bond premiums are approximately $3.5 billion. State insurance commissioners are responsible for regulating corporate surety activities within their jurisdictions. The commissioners also license and regulate brokers or agents who sell the bonds.
Surety bonds are frequently used in the construction industry: in order to obtain a contract to build the project, the general contractor (and often the sub-contractors as well) must provide the owner a bond for its performance of the terms of the contract. Conversely, owners and contractors may also provide payment bonds to ensure that subcontractors and suppliers are paid for work done. Under the Miller Act, payment and performance bonds are required for general contractors on all U.S. federal government construction projects where the contract price exceeds $100,000.00.
Importer Entry Bond is a customs bond posted by an importer to guarantee the payment of import duties and taxes, and to assure compliance with any pertinent law, regulation or instruction. An Importer Entry Bond is required on all commercial shipment of goods entering the commerce of the United States. An Importer Entry Bond may be written as either a single transaction or continuous bond (self- renewing). The bond amount for a continuous bond is determined by taking multiples of $10,000 nearest 10% of duties, taxes and fees paid by an importer during the last calendar year. The minimum continuous bond amount is $50,000.
Surety bonds are also used in other situations, for example, to secure the proper performance of fiduciary duties by persons in positions of private or public trust.
A key term in nearly every surety bond is the penal sum. This is a specified amount of money which is the maximum amount that the surety will be required to pay in the event of the principal's default. This allows the surety to assess the risk involved in giving the bond; the premium charged is determined accordingly.
If the principal defaults and the surety turns out to be insolvent, the purpose of the bond is rendered nugatory. Thus, the surety on a bond is usually an insurance company whose solvency is verified by private audit, governmental regulation, or both.
The principal will pay a premium (usually annually) in exchange for the bonding company's financial strength to extend surety credit. In the event of a claim, the surety will investigate it. If it turns out to be a valid claim, the surety will pay it and then turn to the principal for reimbursement of the amount paid on the claim and any legal fees incurred.
A bail bond is a type of surety bond used to secure the release from custody of a person charged with a criminal offense. Under such a contract, the principal is the accused, the obligee is the government, and the surety is the bail bondsman, and if the accused fails to appear, a fugitive recovery agent is the surety.
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In The State of Washington, one needs the "government" permission to feed, cloth and shelter his/her self by means of "self employment." This permission includes requirements that one must, in addition to having a license (permission to do what, otherwise, would be illegal), have both a bond and insurance.
Bonds tend to be much cheaper than insurance, the rates of which have sky rocketed in recent years. Bonds can be sued to recoup losses and damages. If the bonding company must pay out, it goes after the person it bonded to recoup its loss. Insurance, on the other hand, pays on their behalf. A bond leaves the person bonded liable, but insures the injured they will be paid up front (after a hell of a lot of effort and legal expense).
An example application of a bond can be seen in its application to government officials. They also must be bonded and that bond can be attached for theft and such seven years after the person they left office. They don't have to have insurance, though the municipal or other entity will have insurance covering their acts and omissions.
From Wikapedia:
A surety bond is a contract among at least three parties:
* The principal - the primary party who will be performing a contractual obligation * The obligee - the party who is the recipient of the obligation, and * The surety - who ensures that the principal's obligations will be performed.
Through this agreement, the surety agrees to upholdfor the benefit of the obligeethe contractual promises (obligations) made by the principal if the principal fails to uphold its promises to the obligee. The contract is formed so as to induce the obligee to contract with the principal, i.e., to demonstrate the credibility of the principal and guarantee performance and completion per the terms of the agreement. Contract bonds guarantee a specific contract. Examples include performance, bid, supply, maintenance and subdivision bonds. Commercial bonds guarantee per the terms of the bond form. Examples include license & permit, union bonds, etc.
Suretyship bonds originated hundreds of years ago as a mechanism through which trade over long distance could be encouraged. The first corporate surety firm in the United States was United States Fidelity and Casualty Company of New York, established in 1880. According to the Surety & Fidelity Association of America annual US surety bond premiums are approximately $3.5 billion. State insurance commissioners are responsible for regulating corporate surety activities within their jurisdictions. The commissioners also license and regulate brokers or agents who sell the bonds.
Surety bonds are frequently used in the construction industry: in order to obtain a contract to build the project, the general contractor (and often the sub-contractors as well) must provide the owner a bond for its performance of the terms of the contract. Conversely, owners and contractors may also provide payment bonds to ensure that subcontractors and suppliers are paid for work done. Under the Miller Act, payment and performance bonds are required for general contractors on all U.S. federal government construction projects where the contract price exceeds $100,000.00.
Importer Entry Bond is a customs bond posted by an importer to guarantee the payment of import duties and taxes, and to assure compliance with any pertinent law, regulation or instruction. An Importer Entry Bond is required on all commercial shipment of goods entering the commerce of the United States. An Importer Entry Bond may be written as either a single transaction or continuous bond (self- renewing). The bond amount for a continuous bond is determined by taking multiples of $10,000 nearest 10% of duties, taxes and fees paid by an importer during the last calendar year. The minimum continuous bond amount is $50,000.
Surety bonds are also used in other situations, for example, to secure the proper performance of fiduciary duties by persons in positions of private or public trust.
A key term in nearly every surety bond is the penal sum. This is a specified amount of money which is the maximum amount that the surety will be required to pay in the event of the principal's default. This allows the surety to assess the risk involved in giving the bond; the premium charged is determined accordingly.
If the principal defaults and the surety turns out to be insolvent, the purpose of the bond is rendered nugatory. Thus, the surety on a bond is usually an insurance company whose solvency is verified by private audit, governmental regulation, or both.
The principal will pay a premium (usually annually) in exchange for the bonding company's financial strength to extend surety credit. In the event of a claim, the surety will investigate it. If it turns out to be a valid claim, the surety will pay it and then turn to the principal for reimbursement of the amount paid on the claim and any legal fees incurred.
A bail bond is a type of surety bond used to secure the release from custody of a person charged with a criminal offense. Under such a contract, the principal is the accused, the obligee is the government, and the surety is the bail bondsman, and if the accused fails to appear, a fugitive recovery agent is the surety.
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First, sorry about the double post.
I got into the handyman-remodel business on the advice of a contractor friend. He was always complaining about the poor quality [licensed, bonded and insured] professionals were putting out. Too many just blow out jobs. Their work looks good (or not) to the homeowner, but is trash underneath a veneer of some sort. I had pro's who wanted to pour concrete on top the ground (to hell with frost lines and heave). Bonds, licenses and insurance don't always guarantee quality for the money.
There is the another side to the license, bonding and insurance issue: Courts will allow homeowners to steal from those who are not licensed, bonded and insured by refusing to hear cases in which they are involved.
In the end, it's like your own health. You have to take an interest. The uninsured, unlicensed worker may provide a bargain, while the state authorized worker may be better at paying for his big fancy truck. Or it may go the other way, and it often does. Truth be known, you have more recourse against the individual operating without gubermint permission than he does against you. You send L&I after him, for example.
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There is a difference between a bond and insurance.
Definition 1 A bond issued by an entity on behalf of a second party, guaranteeing that the second party will fulfill an obligation or series of obligations to a third party. In the event that the obligations are not met, the third party will recover its losses via the bond.
Insurance: A promise of compensation for specific potential future losses in exchange for a periodic payment. Insurance is designed to protect the financial well-being of an individual, company or other entity in the case of unexpected loss. Some forms of insurance are required by law, while others are optional. Agreeing to the terms of an insurance policy creates a contract between the insured and the insurer. In exchange for payments from the insured (called premiums), the insurer agrees to pay the policy holder a sum of money upon the occurrence of a specific event. In most cases, the policy holder pays part of the loss (called the deductible), and the insurer pays the rest. Examples include car insurance, health insurance, disability insurance, life insurance, and business insurance. This content can be found on the following page:
http://www.investorwords.com/2510/insurance.html
Put simply, a bond is in case you don't finish a job. Insurance is if you damage something, or one of the parties suffers a loss while doing the job.
From there, it gets complicated with surety bonds, performance bonds, bid bonds, etc. Then you have liability insurance, workman's insurance, etc.
It has been my experience that MOST people who actually are bonded and insured will be able to provide them in a timely manner. In the state where I was a steel erection contractor, ONLY a letter from the workman's compensation insurance company mailed directly to the company/builder/owner was deemed legal. Copies of certificates were illegal. I was never asked to provide proof of a bond, although I had them. Once a company received the letter by mail, they were held harmless from a third party workman's suit against them.
On some jobs, there was a requirement that you included a bond with the bid for the amount of work, and a performance bond for the amount of work stating the timeline.
In many states, laws about advertising "licensed and insured" are toothless and worthless. Usually it is another contractor who drops a dime on someone. Then, in Nevada, they made it a felony to even verbally OFFER to do work for a fixed fee other than an hourly rate. It varies from there, and whether people observe the law or the agency enforces it varies greatly, also. Usually tho, this occurs when someone's ox gets gored, and they lose a job to an unlicensed contractor.
Unless you are working on a government job, and that would require ten more paragraphs to give the basics.
HTH
Steve
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The bond I had so many years ago. Said they would post up to $5,000 bail bond, if I were ever accused of illegally distributing a key or combination.
--
Christopher A. Young
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Yes, it is considerably different.
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Christopher A. Young
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Stormin Mormon wrote:

But concept is quite similar -- it's a spread liability coverage against an adverse event. Only the specific circumstances and some details of the actual operation are different.
--
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Bonded and insured are VERY different concepts. The person posed the question if bonded versus insured were the same. Quite definitely not. Not if you want to have some kind of coverage for the customer in case something goes wrong with the work. Or to protect the customer in case something goes wrong as a result of the work. Actually, the bonding I had provided ZERO protection, or advantage of any form, for the customer.
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