Tag: contractors liability

Contractors All Risk Insurance

John B.
Contractors All Risk Insurance

As a general contractor, you’re responsible for a great deal when it comes to a construction project. From the people working on the site to the ultimate structural soundness of the building, there’s a lot of potential liability. For that reason, it’s important to have insurance coverage that matches those liabilities. In some cases, that will mean having higher coverage than another business in the same earnings bracket. But you have access to insurance policy options designed specifically for contractors in the form of all risk insurance. In this article,…

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Construction projects face more widespread delays and financing risks

Marc

The struggle of today’s economy is causing a greater amount of uncertainty with construction projects and their related risks, especially in terms of delays and financial risks as a result of lending organizations. Though issues with lenders have always been a concern and a consideration of brokers, newly implemented conditions complying with government agency and private lender regulations have made borrowing a greater challenge. As a result, many construction projects are now finding it difficult to obtain the financing required to get started, while others have had to halt their…

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New regulations in New York make for impossible contractor insurance requirements

New insurance regulations are slated to go into effect in New York City next week, leading many insurance agents to warn contractors in the City that it may be too late to obtain increased coverage. The City’s Department of Buildings has made changes to the requirements associated with general liability coverage. Effective June 13, insurance policies that do not cover liability for completed work, explosions, collapses and other catastrophic events will be prohibited. Several of the new regulations will make it nearly impossible for the majority of contactors in the…

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