More than likely the contractor's insurance policy would not respond as his inability to complete the job is not a covered cause of loss on his liability form. There is a way to protect this exposure, however. Prior to awarding a contract to perform work by a contractor you can require a performance and payment bond. The insurance company will pay the money necessary to hire an alternative contractor(s) in his place to guarantee that the job will be completed. It is important to note, however, that a bond does not work the same way as a traditional liability policy. Where a traditional liability policy will indemnify the injured party subject to any applicable deductibles, a perfomance and payment bond requires the bonded entity to indemnify the insurer once they have met their obligation to the party holding the bond. In other words, the contractor will have to pay back the bond company any money paid to to insure the job is completed. This requires stringent underwriting and the disclosure of much financial information and the contractor's work load, often times requiring the contractor and spouse to individually indemnify the insurance company.
A contractor typically needs a Commercial General Liability Insurance Policy. If the contract includes professional services, then the contractor will likely be required to carry Professional Liability Insurance, either in addition to, or in place of a CGL policy. It really just depends on the nature of the services contracted.
Did you pay the contractor? If not, he had the right to lien your property. If you want to sue the contractor, you need to be able to prove that he did not finish the job. For example, if he put an addition on your house and did not roof it, you need to show in the contract where it states the work included roofing the addition.
The answer is in the title. A contractor is typically a builder or trades person who signs an original document for an original project with a client to perform a constructive task. The "sub" contractor than signs a contract with the contractor(now the "general" contractor with the addition of sub-contract(s)). If the trades person signs their contract with the client, than the client is acting as the "general" and taking on all associated risks(depending on contract stipulations).
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