Insurance

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.