Insurers and risk managers are facing all new challenges in developing coverage for errors and omissions (E&O) for eco-friendly construction projects, which are similar, but still quite different from the risks associated with typical construction projects. This has lead to new trends and developments which are affecting purchasers for specialty lines of insurance such as E&O, directors and officers (D&O), cyber risk, employment practices liability, transportation, marine, and surplus. The reason for the difference between “green” and standard construction project risks is in the materials and technologies that are used,…
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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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