NY Construction Insurance - Frequently Asked

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 New York's construction industry is highly regulated and faces unique risks, including strict safety regulations, high labor costs, and dense urban environments. Construction insurance helps mitigate these risks, ensuring compliance with local laws and providing financial protection against potential claims and losses. 

Common types of construction insurance include:

• General Liability Insurance: Covers third-party injuries and property damage.
• Workers’ Compensation Insurance: Provides benefits to employees injured on the job.
• Builder’s Risk Insurance: Protects buildings under construction from damage or loss.
• Commercial Auto Insurance: Covers vehicles used in construction projects.
• Professional Liability Insurance: Protects against claims of negligence or errors in professional services.
• Contractor’s Equipment Insurance: Covers tools and equipment used on job sites.
• Umbrella Insurance: Provides additional liability coverage beyond standard policy limits.

Builder’s risk insurance, also known as course of construction insurance, covers buildings and structures under construction. It protects against damage from fire, theft, vandalism, and certain weather events. This coverage is essential for safeguarding the financial investment in a construction project. 

General liability insurance covers third-party claims for bodily injury, property damage, and personal or advertising injury. It provides protection against lawsuits and medical costs resulting from accidents that occur on the job site or because of construction operations. 

Yes, New York law requires all employers to provide workers’ compensation insurance for their employees. This insurance covers medical expenses, rehabilitation costs, and lost wages for employees who suffer work-related injuries or illnesses. 

Determining the right amount of coverage involves assessing your business’s specific risks, the size and scope of your projects, the value of your equipment, and your contractual obligations. Our experts can conduct a thorough risk assessment to recommend appropriate coverage levels. 

Yes, bundling different types of construction insurance into a single policy can simplify management and often provide cost savings. Comprehensive packages can be tailored to cover multiple aspects of your construction operations. 

Several factors influence construction insurance premiums, including:

• The type and size of the projects you undertake.
• Your business’s location and geographical risks.
• The number of employees and subcontractors.
• Your claims history.
• The value of your equipment and materials.
• Safety measures and risk management practices in place.

To file a claim:

• Report the incident to your insurance provider immediately.
• Document the damage or loss with photos and detailed descriptions.
• Provide all necessary information and cooperate with the claims adjuster.
• Follow up with your insurance provider for updates on the claim status.

Common exclusions in construction insurance policies can include:

• Intentional damage or illegal activities.
• Wear and tear or mechanical breakdowns.
• Damage due to design flaws or poor workmanship.
• Certain natural disasters, unless specifically included.
• Pre-existing conditions or damage.

To get started, contact our team of construction insurance experts. We will assess your business’s risks, evaluate your current coverage, and develop a customized insurance program that meets your specific needs. We guide you through the entire process, ensuring you have the right protection in place. 

"Frequently asked questions" are a listing of most commonly experienced questions and  the simplified versions of the most typical answers.  This should not be construed as legal advice.  Please refer to your policy for actual language, terms and conditions.