Frequently Asked Questions

JM Associates is happy to answer as many questions you may have.  Here are a few of the more commonly asked questions:

1. Is the insurance company licensed and admitted in my state?
   
   A:Yes, our carrier is one of the nationally recognized leaders in underwriting Program Business for all types of industries.  The abundance of knowledge, resources, and experienced personnel all make up to a profitable, well run and operated program.
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2. Do you work with local insurance agents?
   
   A: Everyone at JM Associates are happy to work with your local agent. The association developed by our office with your local agent is one of comfort, security and mutual respect for one another.
   
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3. Is there a minimum premium?
   
   A: Traditionally premiums start at $5000 and go up from there.  The workers compensation policy have minimum premiums per classification.  These minimums vary from state to state.
   
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4. How are the premiums determined for the liability policy?  What is the premium basis?
   
   A: Most contractors, the premium is based on the labor payroll. Labor payroll consists of mechanics, helpers, supervisors, inspectors and shop personnel. Payrolls of office/clerical, salesperson and drivers are not included in the premium calculations of the liability policy. Most manufacturers, the premium is based on manufacturing payroll and gross sales of the company. For most distributors, the premium is based on gross sales of the company.
   
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5. Is there a premium cost for Certificates of Insurance?
   
   A: There is no cost for Certificate of Insurance. Nor is there a limit on the number of certificates issued. 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. The same day the certificate is requested is the day the certificate is issued and mailed.
   
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6. Is there a premium cost for Additional Insured?
   
   A: There is no cost for Additional Insured 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. By adding the Additional Insured onto you policy, you will share your limits in the event of a claim. We recommend an Owners/Contractors Protective Liability Policy (OCP), instead of the Additional Insured, whenever possible. The OCP is issued in the name of the Additional Insured with you as the contractor identified on the policy. However, there is a premium charge for the OCP policy. The cost of the OCP policy will vary according to the contract cost.
   
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7. Are higher Limits available?
   
   A:Yes, higher limits than $1,000,000 are available. We can either issue a specific increased limit for a particular job/contract or issue an Umbrella policy to increase the limit for all jobs/contracts.
   
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8. Are new ventures acceptable?
   
   A:Yes, new ventures and new business are acceptable. We do require a minimum of 5 years experience and personal resumes of all officers with their work experience. Most new ventures, the officers have many years experience working for other companies either as mechanics, supervisors or executive officers.
   
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9. How long does it take to receive a quotation?
   
   A:Once all the paper work is received, our proposal and quotation are ready to be presented within one weeks. Paper work consists of application, loss/claims history and resumes of officers of the company.
   
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10. When a claim is reported, who do I call?
    
    A:All claims must immediately be reported to your local agent or direct to our office. We have experienced local claims offices, local investigators and adjusters ready to be dispatched, once a claim is known. Claims reporting and servicing are taken very serious within our national program. Early investigation is the key in controlling claims. Many times a claim is 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.
    
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11. What makes JM's elevator program so unique?
    
    A:You have an insurance company and group manager that really cares about your success. Your success is measured by the concern for safety of your employees and the safety of the public. This is also the main concern of your insurance company and group manager. With this common denominator, this national program will continue to enjoy competitive rates, stability and safety for all.
    
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12. Are we available to speak in person with state wide local elevator associations?
    
    A:Yes, Jackie Mortman on several occasions has given seminars 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.
    
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JM Associates, Ltd.
One Bridge Plaza North, Suite 360
Fort Lee, New Jersey 07024
Tel: 201.944.6600
Fax: 201.944.8660
Email: jackie@jmassociatesltd.com