These are all very good points made. I am a broker with over 25 years of experience specializing in the construction industry in NY. In the past 5 years I have found it to become increasingly more challenging to both negotiate and understand what the carriers are willing to provide for coverage. I am fortunate to have the support of many very experienced technical account managers in my construction department of Haylor, Freyer & Coon, Inc. We see an on going high volume of insurance requirements and contracts to review. We also represent most of the carriers willing to write contractors in NY, which happens to be one of the most difficult states to write insurance for. This is due to our laws and specifically Labor Law. Our long term relationships with our carriers and open discussions amongst our colleagues has proven to be very helpful in insuring that we have the broadest terms available to meet our clients contractual needs. It is critical to have a solid risk transfer program in place, and the days of assuming you have the proper terms and conditions just by having asked for an additional insured endorsement or to include any indemnification agreement are long gone. Carriers are doing what they need to do to limit their exposure. It is the brokers job to help their clients manage the risk transfer and stress the importance of a solid loss prevention program in their operation.
This is a great article stressing the importance of reviewing your clients insurance specifications and contracts.
It has become increasing challenging to secure the proper coverages, terms and conditions that meet your clients contractual obligations. It is critical to be reading the forms carefully, and understand the importance of a solid risk transfer program for your clients. I have been working mostly with contractors operating in NY over the past 25 years. We have Labor Law and some of the I richest benefits in the land. Carriers are requiring proof of a solid risk transfer program and limiting coverage to only apply if a signed contract is in place.
Contractors cannot assume they have proper coverage any longer. They must have an experienced agent and a strong risk transfer program in place. I am fortunate to work in an agency that has many experienced account managers working together to keep up with the on going changes with carriers policy terms. We represent most of the carriers writing insurance for contractors, and it allows us to compare and negotiate the best terms and price available. Haylor, Freyer & Coon, Inc. has been in business for over 85 years! It’s our attention to these kinds of details and our focus on the customers needs, that have allowed us to grow our construction client base. You have to have the resources as an agency to provide the advocacy to your clients.
Good article
These are all very good points made. I am a broker with over 25 years of experience specializing in the construction industry in NY. In the past 5 years I have found it to become increasingly more challenging to both negotiate and understand what the carriers are willing to provide for coverage. I am fortunate to have the support of many very experienced technical account managers in my construction department of Haylor, Freyer & Coon, Inc. We see an on going high volume of insurance requirements and contracts to review. We also represent most of the carriers willing to write contractors in NY, which happens to be one of the most difficult states to write insurance for. This is due to our laws and specifically Labor Law. Our long term relationships with our carriers and open discussions amongst our colleagues has proven to be very helpful in insuring that we have the broadest terms available to meet our clients contractual needs. It is critical to have a solid risk transfer program in place, and the days of assuming you have the proper terms and conditions just by having asked for an additional insured endorsement or to include any indemnification agreement are long gone. Carriers are doing what they need to do to limit their exposure. It is the brokers job to help their clients manage the risk transfer and stress the importance of a solid loss prevention program in their operation.
This is a great article stressing the importance of reviewing your clients insurance specifications and contracts.
It has become increasing challenging to secure the proper coverages, terms and conditions that meet your clients contractual obligations. It is critical to be reading the forms carefully, and understand the importance of a solid risk transfer program for your clients. I have been working mostly with contractors operating in NY over the past 25 years. We have Labor Law and some of the I richest benefits in the land. Carriers are requiring proof of a solid risk transfer program and limiting coverage to only apply if a signed contract is in place.
Contractors cannot assume they have proper coverage any longer. They must have an experienced agent and a strong risk transfer program in place. I am fortunate to work in an agency that has many experienced account managers working together to keep up with the on going changes with carriers policy terms. We represent most of the carriers writing insurance for contractors, and it allows us to compare and negotiate the best terms and price available. Haylor, Freyer & Coon, Inc. has been in business for over 85 years! It’s our attention to these kinds of details and our focus on the customers needs, that have allowed us to grow our construction client base. You have to have the resources as an agency to provide the advocacy to your clients.