Why Is Contractors Liability So Expensive In New York?

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Of coverage to the insured and the injured person or any other claimant. When it comes to NY risks, there is little participation from the Admitted markets. The Non-Admitted/E&S marketplace exists to offer coverage when Admitted Carriers will not provide it. In NY, Admitted Carriers would only be interested to write a combined annual premium that’s well over seven figures for a company that has been in business for a long period of time. The lack of Admitted participation in NY opens the door for the E&S Carriers.

You also have the option to cover building materials that have not been installed yet, even for theft which is an unfortunately common occurrence in your industry. The type of New York liability insurance you will be required to have in New York will vary by the county you operate in. Contractors are required to be bonded if you work on public projects, like government-type jobs. Some counties will even require you to be bonded before you can get licensed. Contractors are also required to carry Workers Compensation insurance.

“”The response time was almost immediate. The options I was given were based on my company’s needs. I received the policy in record time.”” Trucking companies may need additional coverage to comply with regulations. Talk to our team about the insurance and risk management tactics you can use to keep your data safe. Property Damage – Damage to your clients’ property or any other property during your work is something that you will be responsible for. An example of this would be you are working inside a client’s home replacing cabinets and damage the flooring. Or, you are pulling into a driveway of a client’s home and misjudge the distance to the neighbor’s mailbox and plow right into it.

Excess and Surplus Lines Carriers include American Empire, Colony, Axis, Kinsale, Hudson, etc. Just like Admitted Carriers, Wholesalers only want to work with Brokers who provide them with high quality business. With fewer Carriers, low underwriting capacity, and vague coverage language, there are only a handful of viable options to consider.

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