NYC hears agents and corrects contractor insurance decision

Insurance for ContractorsA government agency from New York City has changed their original decision regarding the city’s contractor insurance requirements following the warnings of agents.

The NYC Department of Buildings announced that it would alter its contractor general liability insurance requirements for the city. The Independent Insurance Agents and Brokers of New York added that the department also decided that it would not enforce the requirement for advance notice of cancellation to any greater extent than the New York Insurance Law.

The Agents’ organization worked with attorneys and other insurance interests in order to alter a new rule that had been announced by the building department and that came into effect on June 13. This regulation required contractors who wished to obtain permits from that department to have to meet increased general liability insurance standards.

The rule of the department said that it would not allow insurance that did not provide coverage for a the legal liability of contractors for property damage or injuries that resulted from the agreement of the contractor to pay for liability claims that had been filed against a third party.

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The department’s new rule also demanded that insurance companies must provide the department with a written notice should a contractor change or cancel its policy.

Agents urged the city officials to alter the rule, as the language of virtually every commercial general liability insurance policy eliminates coverage for some contracts’ assumed liability. Moreover the compliance in providing the advanced cancellation notice to anyone other than the policyholder him or herself varies from one insurance company to another.

Chair of the Board of the IIABNY, Christopher A. Brassard, said that “The Buildings Department’s decision is great news for New York City contractors.”

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