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...
Hiring a Contractor: Handling the Contract
Posted: April 3, 2014
The Contract Contract requirements vary by state. Even if your state does not require a written agreement, ask for one. A contract spells out the who, what, where, when and cost of your project. The agreement should be clear, concise and complete. Before you sign a contract, make sure it contains: The contractor’s name, address, phone, and license number, if required. The payment schedule...
