Insurance and Bonding
LVI’s industry-leading bonding capacity of $200 million and insurance coverage of $25 million are property owners’ assurance of LVI’s ability to fulfill the contract on time, within budget and according to specifications. The issuance amount of the performance bond typically equals 100 percent of the original contract price. Because we have significant bonding availability as a company, LVI can support multiple, simultaneous bonded projects.
LVI’s bonding capacity also provides two distinct advantages over competitors. First, it allows LVI to secure and service large government and other projects for which smaller competitors cannot qualify because of bonding requirements. Second, it helps to instill confidence in clients of LVI’s ability to guarantee project performance.
LVI has never had an application for a surety bond rejected. Treasury-listed payment and performance bonds are currently provided at very competitive rates by Arch Insurance Company and American Insurance Group, Inc. (AIG).
Our primary insurance package includes commercial general liability and automobile liability coverage. The company also has umbrella coverage for commercial general liability, pollution liability, automobile liability and employer liability.
LVI also maintains full workers’ compensation insurance and participates in programs in certain states where required. LVI also participates in a workers’ compensation loss-sensitive program with an independent insurance company.