Changes to Contractors’ Insurance Requirements by the City of New York
As discussed more fully here, the Rules of the City of New York have been amended to require certain new liability insurance conditions be met before contractors can procure permits. RCNY Section 101-08 now requires, inter alia, that contractors’ insurance policies contain an endorsement requiring 30-days written notice be sent to the Commissioner of the Department of Buildings when a policy is cancelled, terminated, or modified. This provision, along with several additional policy obligations, may prove extremely difficult for contractors to obtain from their insurers. Going forward, it is imperative that parties work with counsel and their insurance brokers when procuring insurance policies.
Related Posts: Horizontal Exhaustion: Continuing Efforts to Protect an Owner/Developer, A Legally Binding Carrot And Stick: Drafting Effective Liquidated Damages Clauses In Construction Contracts,Third-Party-Over Action CGL Exclusions: What Everyone Needs to Know, Deductibles and Self-Insured Retention on Professional Liability Policies: What Owners Need to Know