Welby, Brady & Greenblatt, LLP is pleased to report that the ACORD 855 NEW YORK CONSTRUCTION CERTIFICATE OF LIABILITY INSURANCE ADDENDUM has been approved by the ACORD voting members.
Prior to the creation of the Addendum municipalities, state agencies, property owners and general contractors did not have confidence that the limited information provided on the Acord Certificate of Insurance provide adequate assurance of the intended risk transfer. Reading and understanding complicated insurance policies from multiple trades on a single project was simply not a cost effective option.
Facilitated by the Professional Insurance Agents of New York (PIANY), Welby, Brady & Greenblatt, LLP and a group of other industry stakeholders sought to find an alternative. The group collaborated to craft a form to be used as an addendum to the existing certificate that lists the typical coverages included in the insurance requirements of construction contracts. Moreover, the group will devise educational materials to further assist the industry.
A draft copy of the ACORD 855 NEW YORK CONSTRUCTION CERTIFICATE OF LIABILITY INSURANCE ADDENDUM can be downloaded here.