A few IIABNY members have reported that the liability insurance market for contractors has deteriorated since last summer. According to these members, contractors, particularly those in the New York City area, are having a very difficult time finding adequate coverage from admitted carriers. It has become common for policies to include many significant exclusion endorsements, leaving contractors uninsured against claims arising out of New York Labor Law Sections 240 and 241 (aka, “the scaffolding law.”) Umbrella prices are soaring. Policies from nonadmitted carriers provide narrow coverage at unaffordable prices.
We want to hear from other members. What are you seeing in the market? Is it as bad as what we’ve been told? Not so bad? Far worse? Send your comments by email or in the comments section for this post. Your answers will help guide our efforts for the rest of New York’s 2013 legislative session.