FAQs
The National Elevator Insurance Program professionals are happy to answer any questions you may have. Here are a few of the more commonly asked questions:
Yes, our carriers are nationally recognized leaders in underwriting Program Business.
Everyone at the National Elevator Insurance Program is happy to work with your local agent. The relationship with your local agent is one of comfort, security and mutual respect.
Traditionally premiums start at $4,000 and go up from there. The workers’ compensation policy has a minimum premium per classification. These minimums vary from state to state.
For most contractors and inspectors, the premium is based on the field labor payroll and subcontracting cost. Field labor payroll consists of mechanics, helpers, supervisors, inspectors and shop personnel. Payrolls of office/clerical, sales and drivers are not typically included in the premium calculations of the liability policy. For most manufacturers and distributors, the premium is based on gross sales of the company.
There is no cost for Certificates of Insurance. Certificates of Insurance are a priority item in our office. Many times a contract is held up from being signed, pending receipt of the certificate. Sometimes, payment is withheld until a certificate is produced. We typically issue certificates on the same day they are requested.
There is no cost for the standard additional insured endorsement to be added onto your liability policy. We do require to know the relationship between you and the additional insured, such as building owner, real estate management company, GC, etc.
Yes, higher limits than $1,000,000 are available.
Yes, new ventures and new businesses are acceptable. We require a minimum of 5 years of elevator industry experience, and personal resumes of all officers showing their work experience.
Once all the paperwork is received, our proposal and quotation will be ready within one week. Paperwork consists of application, loss/claims history, and resumes for officers of the company.
All incidents must immediately be reported directly to our office. We have experienced local claims investigators, and adjusters ready to be dispatched. Early investigation is the key to controlling claims. A claim is often not known for several years after the accident. We then rely on complete and organized record keeping, including contracts, signed work tickets, and copies of letters to the owner regarding the condition of the equipment.
For over 40 years, JM Associates / Burnham + Company, a Division of HUB International Northeast, has been creating comprehensive insurance and risk management products for the elevator industry. The majority of our employees have over 20 years of experience in arranging insurance for customers involved in various aspects of the elevator industry.
It is important to select an agent/broker that truly understands the nature of the elevator business to help you build the right insurance and risk management. At JM Associates / Burnham + Company, we take pride in staying up-to-date with the current trends in the industry that may affect our clients, and educating our clients on new coverage options that they can benefit from. Our elevator specialists go above and beyond to ensure you receive excellent service.
We are proud members of the National Association of Elevator Contractors (NAEC), Elevator Conference of New York (ECNY), Elevator Escalator Safety Foundation (EESF), National Association of Elevator Safety Authorities (NAESA).
Yes, our experts are industry thought leaders and have presented to local and national elevator associations. Topics include: General Liability coverage for the elevator industry, Additional Insured vs. OCP policy, How to set up your work/job files for protection in the event of a claim, Safety for the employee, etc. Seminars usually include an extensive question and answer period, where additional issues and concerns are discussed in detail.
National Elevator Insurance Solutions, Division of Specialty Program Group, LLC