article thumbnail

New York Court of Appeals Narrowly Construes Additional Insured Endorsement

Construction Dive

A New York appeals court has narrowed the conditions under which a party named as an additional insured can access the policyholder's policy for liability coverage. Businesses that make use of additional insured coverage -- as parties to construction projects generally do -- should take note. By: Robert D.

article thumbnail

Commercial building owners having tougher time securing insurance policies and renewals

BD+C

Some of the nation’s largest commercial property insurers have put moratoriums on issuing new insurance policies and renewing current ones due to fear of potential civil unrest resulting from a closely contested presidential election. The situation has been most acute in urban areas, including Chicago, New York, Portland, Ore.,

professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

10 Best Insurance Companies for Construction Businesses

Levelset

Whether you’re just starting your business or looking to change insurance carriers, it pays to go with a company that has experience and knowledge in providing insurance for the construction industry. These days you can purchase insurance on your own or go through a local agent. Best construction insurance companies.

article thumbnail

Scaffold law, inefficiencies to blame for higher New York construction costs

Construction Dive

The General Contractors Association of New York said the state's law, which makes employers and owners 100% liable for falls, significantly increases insurance costs.

article thumbnail

New York expands prevailing wage law

BD+C

New York State has expanded it prevailing wage law to include private projects worth $5 million or more and that have received public subsidies of at least 30% of total construction costs. Savings from fees, rents, interest rates, other loan costs or insurance costs that are below market rate.

article thumbnail

Climate Emergencies Are Pushing Insurance Rates Higher for Migrating Retirees

Pro Builder

Climate Emergencies Are Pushing Insurance Rates Higher for Migrating Retirees. Homes at risk of extreme weather emergencies are becoming harder to insure, forcing some homeowners to accept higher rates, and leaving others entirely without coverage. Insurance experts who work farther up the East Coast report similar market conditions.

article thumbnail

Injury-liability law responsible for higher construction insurance cost in New York

BD+C

Construction contractors and developers in New York state face $3 billion more in costs and 667 more accidents per year because of a state law that holds builders solely liable for such accidents, according to a study commissioned by the New York Civil Justice Institute. Legislation Codes and Standards'