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Thread: compliance depot

  1. #1
    Join Date
    Dec 2007
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    David Marcotte Svc LLC, Cocoa Fl.
    Posts
    544

    Default compliance depot

    Has anybody used compliance depot. Any opinions? Thinking about it but my truck insurance will go up 60.00 per month.

  2. #2
    Join Date
    Dec 2007
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    2,300

    Default

    I had to provide the information that Compliance Depot requires and it wasn't worth the bother. I had to jump through hoops just to meet their requirements. My insurance company hated every time I had to get recertified. The only reason I kept it up was each job was for $12,000 and only took a week to do for 2 of us to do.

  3. #3
    Join Date
    Mar 2009
    Location
    Pope Valley CA
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    688

    Default

    You might want to check THIS site out.

    Interesting that it is the second page that comes up when googling Compliance Depot...
    Ron Sloan

  4. #4
    Join Date
    Mar 2004
    Location
    Delray Beach, FL
    Posts
    3,708

    Default

    As an owner of a company that does commercial work for a living the requirements that I have insurance-wise are far more than then the average shop out there has. If you click on Ron's link you will see that the prospective supplier was complaining not so much about the fee, but that they would not give him basic requirements beforehand. I totally agree that that is outrageous. We not only have to supply additional insured certificates as a normal occurrence on virtually every job, but also need to carry additional multi million umbrella policies over our basic 2 mill aggregate liability, a million on commercial auto, both owned and non-owned, and a special rider that says the limits on the policy are per project. That means that I pay a heck of a lot for insurance. I also get asked occasionally by some "mini" GC or Association to bid work for an association. I have never been awarded a contract for that kind of work and actually resist pricing them usually. Not only are associations a major pain to deal with, if they ever asked me to pay some kind of fee to get "investigated" I would hand them a client list and tell them if these clients are satisfied with our services than they should be too and if not they can take their business elsewhere.
    Sounds like this Compliance Depot outfit is running around to associations promising to stop them from getting ripped off by unscrupulous suppliers. Of itself, this is not a bad idea. I ran a committee for my association for a while that vetted vendors and when I requested their licenses and certs it was amazing the number that sent me paperwork that led me to recommend never hiring them at all. Things like inability to prove comp for employees, general liability policies written for handyman services at a 250k limit, licenses for a business type that wasn't what they were being considered for, etc. By the same token I bet these guys have their own disclaimers that even if a supplier does comply they are still not liable for malfeasance in any way. How about a fee to verify a supplier is a real company with appropriate commercial coverage and no backup if they screw up? Sound like all the other on-line "supplier recommendation" outfits that charge you a fee to be listed in their job base and then want a cut of the action if they ever do result in a job. They probably take it from both ends too. Can anyone say "Angies List"?

  5. #5
    Join Date
    Dec 2007
    Location
    David Marcotte Svc LLC, Cocoa Fl.
    Posts
    544

    Default

    well guys, all the responses are right on. Per comp. depot my auto ins. will double. My liability is a million dollars but still not good enough. Depot told me they can see if the management co. will accept a lower auto ins. But, requires me to pay the 95.00 first. NOT GONNA HAPPEN.
    I don't know how they figure a pick up truck with a 12' trailer is going to cause a million in damage to their property.
    thanks for the valued input.
    Dave

  6. #6
    Join Date
    Apr 2011
    Location
    Stamford, NY
    Posts
    556

    Default

    Personally I would never go through a company like that, as far as the amount of insurance goes. If by chance you run over someone on their property with your vehicle, imagine the amount of liability. Consider if an accident caused by your vehicle killed several of their employees. Not that likely a scenario but it still is possible and has happened before. There are many things that could happen that would cause damages well over one million dollars. It's all about risk assessment. That and i used to be an insurance agent.

    Regards
    Randy

  7. #7
    Join Date
    Mar 2004
    Location
    Delray Beach, FL
    Posts
    3,708

    Default

    It may not cause that much damage to property but what if you hit a Doctor. 1 mill is not really a lot in today's world. Many complexes require 3 or more. If you have an opportunity for a job and you are unlikely to do more there on a regular basis you can get a rider for the one project or temprarily increase your limits. A good agent will help you there. One client wanted to award us a job with a value of 15k but needed 3 Mill umbrella. I told them I would be glad to if they awarded a larger project. As I recall each additional 1mill over my current was around 850/year. I can build that into a decent project anytime. With all the medical jobs we do I think about some installer not hanging an upper cabinet right. Just finished 4th phase of a public restrooms job and in one wall the guy used plastic anchors for the stone in drywall on a bathroom partition. You know what happened!! No-one hurt, thank G-d but now it's repair and feeling stupid.

  8. #8
    Join Date
    Mar 2005
    Location
    Cabinets Plus of Augusta, Hephzibah Ga 30815
    Posts
    1,504

    Default

    Also a lot of big companies have a million dollar deductable on their company. By requiring you to have a million dollar policy this covers their deductable. in case of an accident . A purchasing agent for a company i did work told me this.

  9. #9
    Join Date
    Dec 2011
    Location
    Wash DC
    Posts
    58

    Default

    I know this is an old thread... but I am curious how the million deductible would help the client (owner, property manager, etc)? Is it just that they enjoy much lower premiums as a result of the high deductible? Also, wouldn't their insurance company require financials to back that they can meet the million deductible (aside from vendors and subs having the million dollar coverage) at any given time? Thanks for any input.

  10. #10
    Join Date
    Dec 2007
    Posts
    2,300

    Default

    When I was doing the work there was to be noone there but me and my crew. I still had to have the auto insurance and also a $3 million bubble insurance for some of the companies.

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