Construction is booming in New York City. One look out the windows of the Manhattan offices of Schaefer Enterprises (SEI) and the evidence is clear. So when you consider the broad scope of construction projects and the wide variety of liabilities construction insurance policies can cover, summing up the minimum general contractor insurance requirements yields no single, straightforward answer.
As a rough guide, in New York state construction general liability requirements are usually $1 million per occurrence and $2 million aggregate.
Larger construction projects can raise those limits higher to $2 million per occurrence and $4 million aggregate; and even bigger scale projects will raise those construction general liability requirements much, much higher.
Are You Carrying Enough Liability Insurance to Cover Your Construction Project?
If you’re a general contractor or employer working on a construction project in New York, you are required to have construction insurance to protect against various liabilities stemming from construction site accidents.
In addition to insurance, there are a number of exclusions and regulatory considerations (such as minimum coverages) that you need to take into account to protect yourself and your construction business.
Professional Guidance is Key to Navigating Construction Insurance Requirements
A knowledgeable construction insurance broker will know the questions to ask in order to provide the right policy for your construction business. The Schaefer Enterprises (SEI) Construction Group provides expert guidance on construction insurance policies and regulatory issues for a wide range of contractors including general contractors, sub-contractors, sheet metal manufacturers, roofers, steel erectors and fabricators, steamfitters, HVAC contractors, electrical contractors and ready mix contractors.
We know where the weaknesses are in the typical construction insurance policy and how to avoid them. Read about the most frequent oversights in NY construction general liability insurance policies here. Amending these issues, or simply starting off on the right foot with SEI from the very beginning, is the best way to protect your business from uninsured claims and expensive fines.
First Steps: Complying With Construction Insurance Minimums in New York City
When applying for construction or demolition permits, New York City requires that contractors must provide proof that construction insurance minimums are met. This includes any project-specific insurance and documentation which must be submitted to the NYC Department of Buildings before a new or renewed permit will be issued.
As with many larger construction projects in New York City, there are certain minimum insurance requirements that need to be met based on issues such as:
- Permit type
- Project scope
- Proposed building height and number of stories
- The height and number of stories of the tallest adjacent building
- The use of a tower crane, and others.
SEI can help you with this process and with procuring any additional construction insurance, as well as completing forms and signing a Certificate of Liability Insurance (ACORD).
When it comes to more modest construction projects, SEI’s Construction Group can help you identify cases where project-specific general liability insurance is not required, saving you time and money.
Helping Contractors Large and Small Build Their Businesses With Expert Construction Insurance Advice
The construction group at Schaefer Enterprises has the knowledge and insight into New York construction insurance regulations that contractors, construction managers, subcontractors and others need to have in order to have the best possible coverage to protect themselves and their businesses.
Schaefer Enterprises has served the specialized insurance needs of the construction industry for 15 years. We know what really matters and how to protect your interests. We offer unique programs flexible enough to suit the needs of general contractors, contractors and business owners of various sizes and circumstances. We have tailored construction insurance programs for projects ranging from below the ground floor up to many stories above street level.
Want to know if you’re current construction insurance policy has the minimum general contractor insurance required? Call us at 877.237.2481 to learn more and to discuss your construction insurance needs.
