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Tag: Action Over Coverage

CAN ADDITIONAL INSURED ENDORSEMENTS MAKE INSURANCE MORE EXPENSIVE? THE ANSWER IS DEFINITLEY YES!

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

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?

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) 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...