Insurance
- Can you afford a contractor who doesn’t have adequate insurance?
- Did you know that a poorly insured contractor can have a loss that will result in YOUR insurance having to pay a claim, adversely affecting your own premiums?
- Did you know that a contractor who gets hurt without Workers Compensation insurance can look for coverage on YOUR policy?
- Did you know that not all insurance companies are alike? Just providing a certificate of insurance does not guarantee a claim will be paid.
- Did you know that some policies will NOT cover specified operations of a contractor?
- You owe it to the members of your building to make sure that poorly insured contractors aren’t causing a potential claims or assessment by lacking adequate coverage.
At New York Corridors you can be assured that we seek to fully protect any and all of YOUR interests.
| Coverage | Claim Potential | NY Corridors | Others |
|---|---|---|---|
| General Liability Contractor | Any and all related classification directly covered | Yes | ? |
| Workers Compensation | Injured employee or sub-contractor | Yes | ? |
| Additional Insured For Any as required by Contract | Defense and payment on YOUR behalf | Yes | ? |
| Primary and Non-Contributory language | Makes our insurance pay regardless of percentage of fault | Yes | ? |
| Per Project Aggregate | Our Limits are for each project we do Not for the entire year | Yes | ? |
| A Rated Insurance Carriers | Company Potential for Insolvency | Yes | ? |
| High Umbrella Limits | For catastrophic loss | Yes | ? |
| Completed Operations | Coverage for work, even after The project is finished | Yes | ? |
Forms your contractor must have in order to work in your building without these forms, you leave yourself exposed for having cover their claims
- Form CG2010 – Additional Insured
- Form CG2037 – Additional Insured with completed operations
- Per Project Aggregate
- Blanket Additional Insured
- Blanket Waiver of Subrogation
- Primary and Non-Contributory Language
- Full Contractual Liability
Exclusions to be aware of:
- Injury to subcontractor
- Injury to independent contractor
- Contractual liability limitation
- Subcontractor Warrantee
- Classification Limitation
- Designated Operations Exclusion
- Designated Locations (Yes, some contractors carry a NYC exclusion and don’t tell you)
Workers Compensation
You should ask for a 3 year EMR with verification. This will illustrate on if the contractor’s employees are putting in claims. It will also show If the bidding contractor has everyone covered under a workers’ compensation policy, because if they don’t and someone gets hurt, that injured party will sue the building.