Construction Insurance

Prudent Owner/Developers should continually review their approach to risk management. In particular, changes to the always-evolving construction insurance coverage forms require Owner/Developers to rely more than ever on their insurance brokers to obtain the broadest...

Owners of construction projects are typically under pressure to meet stringent deadlines for project completion, whether motivated by a construction loan's looming deadlines, strict terms of a regulatory agreement, demanding lease and/or sales goals or a combination...

Ever-increasing insurance costs have led to many contractors to adjust coverage in order to reduce their premium. In many instances, contractors do not even know or understand all of the exclusions in their policy. It is critical that contractors, and more importantly...

More often than not, owners request that a design professional carry a certain amount of professional liability coverage in connection with its services to the project. The amount owners request typically is tied to the scope of the design professional's services and...

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...

The need for appropriate levels and types of insurance coverage is critical for any party involved in a construction project. Despite the importance of procuring construction insurance, all too often parties do not pay enough attention when securing coverage on a...

Owner-Developers who have a tower crane on their project site will have the obligation of procuring Eighty Million ($80M) Dollars in project specific general liability (GL) insurance, regardless of the project's scope of work. The regulation is silent on whether such...

The Department of Buildings (DOB) has instituted new general liability insurance requirements for foundation, demolition and/or new building or major alteration permits. These new requirements are determined based on the height of the tallest adjacent building and the...