Mackoul is proud to provide a complimentary review of the insurance policies held by any contractors the association is looking to hire. This includes work being performed both in and on the building.
This service is crucial as New York Labor Laws can be an onerous burden for property owners and property managers, making them financially liable for virtually any work-related accident on their premises. Prevention is always the best medicine, as a Labor Law claim on record is a big red flag and could prevent an insured from getting a reasonable quote, especially if the claim is still open. Having just one Labor Law Claim on record can result in a much higher premium for as long as five years!
What is needed to perform the review?
- A full copy of the contractor’s general liability policy
- An Acord 25, also known as a certificate of insurance
- A copy of the contract between the contractor and the association, preferably before it is signed
- An Acord 855 (only in New York)
Interested? Let us know…
The insurance for contractors hired by an owner is not included as a part of Mackoul’s complimentary service, but to help protect our clients even further, we have prepared an informative flyer that can be distributed to each owner who will be hiring a contractor.