Rising N.Y. contractor insurance rates are attributed to high liability claims

05/11/2013 | PropertyCasualty360

Liability insurance rates for construction businesses in New York doubled in the past year, an increase that can be attributed to workers' compensation changes that provide expanded rights for construction employees hurt after mid-2007, as well as earlier claims that are now reflected on insurers' balance sheets, according to experts. "All the insurance carriers have stopped doing coverage. Right now there is a big hole in the marketplace for construction companies to get insurance in New York," one surety executive said.

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