- 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)
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.