Why is it important for Contractors to have Risk Transfer Agreements with Sub-Contractors?
Posted: September 16, 2021
A New York HVAC contractor subcontracted out some duct work to a sheet metal contractor. The HVAC Contractor had insurance but also had the proper risk transfer or hold harmless agreements in place. At the job site, the employee of sheet metal contractor was trying to use a 6 foot ladder but the manager advised it was too small and he will get an 8...
CAN ADDITIONAL INSURED ENDORSEMENTS MAKE INSURANCE MORE EXPENSIVE? THE ANSWER IS DEFINITLEY YES!
Posted: October 28, 2020
The true cost of paying claims like those discussed above can cause costs to skyrocket in several ways. Because all insurance pays only up to a set limit, these amendments can serve to effectively reduce policy limits. If an insured’s policy limit is $1 million, and a $1.2 million claim is submitted , for which the insured is only 50% responsible, but the additional insured...
The Third Party Action Over Insurance problem for NY Contractors and Commercial Property Owners
Posted: September 24, 2018
So why are some NY Contractors General Liability policies cheap, and others ridiculously expensive? What is a Contractor or Commercial Property owner to do? Over the past 20 years, third party action over claims are on the rise and the payouts are huge. The issue generally arises when a contractor is hired for a renovation or construction project in a building and one of the...
Do Contractors and Landlords need Action Over Coverage?
Posted: March 10, 2017
third-party-over action A type of action in which an injured employee, after collecting workers compensation benefits from the employer, sues a third party for contributing to the employee's injury. Then, because of some type of contractual relationship (Risk Transfer Agreement)Â between the third party and the employer, the liability is passed back to the employer by prior agreement. It is particularly important that New York Property...
