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Update on NY GL insurance marketplace

Discussion in 'Business Fundamentals' started by Ben/Insurance, Aug 28, 2013.

  1. Ben/Insurance

    Ben/Insurance Sponsor
    Messages: 156

    It's been a while since I visited here so I wanted to bring all of the NY area snow removal contractors up to date on the NY GL marketplace and some suggestions. Overwealmingly, most of the large, national insurance carriers, do not want to provide the snow removal coverage on their GL policies due to claims and claim frequency in the NY metro area. NYC and the 5 Boroughs are particularly problematic. As of today, we have only one solid market interested in providing standalone snow coverage. I am not referring to truck/plow insurance here, I am referring to your General Liability coverage. Pricing is $25K for $ 1mill GL and it's fully earned (no refunds if you cancel prior to 12 months), and payment plans are generally not available. While they are "A" rated, they are not licensed in NYS. They also have a NYC/5 boro exclusion. I know that's ugly. The better news is, If you are a larger landscaper, mason, or hardscape contractor with no claims and are paying at least $25K in premiums, we have had great success with a terrific, smaller, "A" rated LICENSED carrier but your account must warrant them taking the snow exposure. They are not interested in NYC/5 boro guys or new ventures. Our contract prohibits us from working with outside agents/brokers. If anyone would like futher info, feel free to reach out to me. 516-233-3515 or BPalmeri@Archerins.com. Thanks for reading. Ben
     
  2. shovelracer

    shovelracer Senior Member
    Messages: 525

    Promotion? Either way that is why we are getting out of snow. Insurance companies can get bent with the ridiculous rates they want. A national brings in a new company that messes up and the little guy who is crazy about documentation, contracts, and a job done properly gets screwed with ultra high premiums. No thanks, I'll be laying fresh tracks at the ski slope from now on.