We all know New York accounts can be tricky. But when done in a thoughtful manner, with careful underwriting and appropriate rates, writing business in New York may be a win for not only the insured, but also the agent and carrier. So let’s look at some considerations that need to be made for insureds doing business in NY.
On the carrier side: managing risk
Many carriers manage the risk with exclusions. Some of these may include: Action Over, no work in the five boroughs, and low limits. For savvy project owners, especially government contracts, these exclusions and limit restrictions are a non-starter.
Agent should take note: what do the contracts typically require?
Contracts often require the following: admitted paper; A.M. Best rating of A or better; higher limits – often including Primary and Excess over the Auto and Employers Liability; and, they usually want no Action Over exclusions.
This is where we come in! How can PartnerOne Environmental help you win this business?
We offer comprehensive coverage for environmental contractors and consultants domiciled in and/or working in New York State with the following:
- Admitted paper (Great Divide)
- AM Best Carrier rating A+ XV
- Combined limits up to $16M/$17M (Primary and Excess when required)
- No Action Over exclusion
- No five boroughs exclusion
- In-house claim handling by carrier
Don’t wait until your client is bidding work in New York State or until they are awarded a project requiring Pollution coverage. By working with PartnerOne, the agent has the ability to provide the broad and necessary coverage for New York risks. Be proactive, helping your insureds get pre-approved on vendors lists and expediting their ability to win jobs.
Our best results come when we are able to fully review a completed new business supplemental application (including the percentage of work expected in the five boroughs), completed Acord GL applications, current loss history, qualifications of key staff, financials, prior projects, and specimen contracts.
For more information or to discuss an account, please contact the PartnerOne team.