A payout within the limits of the policy would indemnify them for a great deal of the repair costs. But the New York liability insurance company refuses to pay, claiming that the damage to the reactors is not covered under the CGL policy. First, they insist that the damage to the reactors is not a coverable occurrence as defined in the policy because it was caused by the subcontractor’s faulty work, and faulty work is foreseeable.
This policy covers the business’s liability for any damage that may result from such usage. Do you realize that if you send an employee out to pick up pizza for the crew and he/she gets in an auto accident, your business could get sued even if the vehicle is not company owned? This policy may also cover rental cars when you travel on business. Though it’s not required, personal vehicles driven for work purposes should be covered by hired and non-owned auto insurance , as personal auto policies usually exclude business use. It can be added to commercial general liability insurance or a business owner’s policy .
It’s important to determine the property you need to insure for the continuation of your business and the level of insurance you need to replace or rebuild. You must also understand the terms of the insurance, including any limitations or exclusions. Real EstateLearn about New York real estate insurance coverages including liability and commercial property policies for realtors, mortgage companies and more. AgribusinessLearn about NY agribusiness insurance – a type of commercial insurance protects farmers against loss of, or damage to crops or livestock.
The law puts absolute liability on the contractor, and it is almost impossible to defend. As a result, we’re seeing more Carriers pull out of the NY marketplace, and less available underwriting capacity than ever before. Underwriting capacity means that if last year a Carrier was able to write $1,000,000 in new business premium, this year, they may be only allowed to write $700,000 in coverage.
SECTION 3415 Supplemental claim form to be submitted for certain fire loss claims in excess of ten thousand dollars in a city with a population of one… As a NY contractor you must have a “top shelf submission” and must be certain that your Broker conducts a high volume of NY construction business. Without that, your submission will not get the attention it deserves. Get involved, instead of complaining to anyone who will listen about your insane premiums, share the knowledge and discuss how contractors need to work together to fix this. Stratospheric insurance premiums are not going to magically reduce.
Builders’ Risk – As a contractor, you may be in the business of renovating a property. Commercial Property insurance only covers a structure that is not being renovated. Once the renovations start, that can open up a huge gap in coverage unless you have Builders’ Risk insurance. This coverage will pay for damages to the property that is being renovated while construction is in progress.
The Health Care Reform Act of 2000 introduced the Healthy NY program to provide more affordable health insurance to New Yorkers who need it most. Healthy NY, in partnership with HMOs and other insurance companies in New York State, offers comprehensive health insurance to small businesses. While we buy insurance for protection against loss, claims can tend to result in higher insurance premiums. While you may decide to accept more risk by selecting higher deductibles, it’s equally important to take preventive steps to reduce the likelihood of loss. Protecting your premises from fire with good housekeeping, building code compliance, fire protection systems and alarms could help avoid claims. Injuries to others might be avoided by installing lights where needed, keeping walkways and steps in good repair, posting signs in hazardous areas, and eliminating other hazards whenever possible.
Submit a claim online or by phone, and we’ll work quickly to pay your covered claims up to your policy’s limit. Every business needs to protect themselves from accidents or injuries that may occur on their business grounds. General Liability insurance coverage can protect your New York business from these unexpected expenses. Incidentally, if you already have general liability coverage, we’d be happy to give you a complimentary policy review to ensure that you’re not being overcharged for the coverages included in your existing policy.