Thomas S. Tripodianos, Firm Partner, has been invited to speak at the 34th IRMI Construction Risk Conference in Nashville, Tennessee, November 12, 2014. Mr. Tripodianos will be on the topic: "W2. The Impact of New York Labor Law on Construction Insurance." Summary:
Section 240 of the New York labor law, commonly referred to as the Scaffolding Act, has created a quagmire in the New York construction insurance market. Many insurers have withdrawn from writing liability insurance for contractors working in New York and those that are still active typically attach a host of additional exclusions collectively referred to as "240 exclusions." In response to demand by upstream parties for more information about the true scope of a contractor's liability coverage, ACORD recently introduced a Certificate of Liability Insurance addendum that requires the issuing agent or broker to clarify 13 specific aspects of a contractor's coverage. This session will briefly review how courts have expanded the application of the law, provide an overview of the current market for construction liability insurance in New York, and examine the new certificate addendum (ACORD 855) and its implications for agents, contractors and certificate holders.