NY Contractors Insurance Program
Gramercy’s NY Contractors Insurance Program has been carefully crafted to address the unique requirements and exposures of the New York construction market.
Our comprehensive property and casualty insurance program provides stable pricing, admitted coverage and value-added loss control, as well as risk management services that are tailored to meet the specific needs of our insureds.
Insight. Performance. Expertise. Reliability.
Gramercy’s executive team has more than 30 years of experience developing and managing complex property and casualty insurance programs that have produced industry-leading results.
Our strong track record, coupled with an in-depth knowledge of the construction market allows us to deliver a competitive and effective insurance program to NY contractors.
Gramercy delivers industry leading loss control and risk management services that aim to reduce risk and improve the business of our insured.
Available services include:
- On-site loss control visits
- Educational seminars and tool box discussions on “hot-button” issues
- Contractual risk transfer assistance
Commercial Risk Transfers
One of the ways Gramercy addresses the unique exposures facing New York contractors is by focusing on the Contractual Risk Transfer process. In the context of specifically-drafted agreements for use by the insured, this risk management technique transfers the risk (exposure) of the contractor to the subcontractors with whom they do business.
- Painters (interior)
- Painters (exterior – less than 3 stories)
- Concrete (flat)
- Tile and Marble Installation
Our Insurance Program
We offer a full suite of property and casualty coverages written through a New York admitted “A-” Rated carrier along with value added services designed to serve our insureds.
- General Liability ($1M/$2M and $2M/$4M limits offered)
- Property (including Equipment Breakdown)
- Commercial Auto
- Umbrella (up to $5 million)
- Inland Marine
- Contract Review
- Risk Transfer Assistance
- Educational Seminars
- Loss Control Recommendations
New York Labor Law
NY contractors face significant exposure to liability in New York, given the state’s Labor Law. One of the particularly complicated and challenging aspects of effectively insuring contractors doing business in New York is managing claims that are brought under New York’s Labor Law, Section 240(1). This law, unique to New York, mandates that property owners, contractors and their agents (upstream parties) are strictly liable (i.e. liable regardless of fault) for injuries sustained by workers of downstream parties in gravity-related accidents.
Additionally, Section 241(6) imposes a nondelegable duty upon owners and contractors to provide reasonable and adequate protection for workers who are involved in construction, demolition and excavation work. Liability will be imposed upon an owner or contractor if there is a violation of the New York State Industrial Code.
Seven-figure verdicts are not uncommon in construction-related cases. Gramercy addresses this challenge with its in-depth and specific knowledge of the Labor Law and, in particular, defense and expense reduction strategies that are available but not currently being used by the insurance industry. This includes assistance with contractual risk transfers – reviewing insurance requirements, certificates of insurance and other documents – to maximize the transfer of risk to downstream parties. Additionally, Gramercy provides risk control and safety services designed to help insureds provide a safe work place for employees and others.
Should a Labor Law claim be brought, Gramercy has a select panel of law firms who will aggressively defend the interest of our insureds. All attorneys involved have decades of experience handling high-exposure, construction-related cases.