APPETITE

New York Construction

As other insurers exit New York's difficult-to-insure construction market, Applied Specialty Underwriters digs in with ground-breaking coverage and risk management.

A powerful approach able to meet the rigorous challenges required for New York construction

Applied Specialty Underwriters offers New York contractors and their projects the customized coverage and capacity they need for both Primary and Excess Liability.

Applied Specialty Underwriters coverages are offered through a family of carriers with over $1B in surplus, and all of our affiliated insurance carriers are rated ‘A’ (Excellent) by AM Best.


Renewable New York General Contractor Policies

A renewable solution for general contractors in New York with annual construction costs greater than $10M.


Annual General Liability

  • $2M each occurrence / $4M aggregate

  • Deductible at $10,000

  • Comprehensive ISO-based coverage

  • Subcontractor risk management and coverage verification program


Annual Excess Liability

  • Unsupported Excess Capacity

  • $3M each occurrence in the lead Excess position with a $2m each occurrence attachment

  • $5M each occurrence with a ground up attachment of $5M each occurrence

  • $10M each occurrence with a ground up attachment of $10M each occurrence


Broker Guidance

  • Written via appointed wholesale brokers

  • Non-admitted and admitted coverage available. Admitted coverage provided via New York Free Trade Zone, with AM Best rated ‘A’ (Excellent) carriers, Financial Size Category XI


Submission Requirements

  • Completed annual practice / renewable GC application

  • Currently valued liability loss runs for the insured for the past 5-7 policy years

  • 5-7 years of historical exposures, including sales, construction cost and payroll broken out by trade

  • Project listing including construction cost breakout for each trade

  • An executed subcontractors agreement


Applied Specialty Underwriters®


Project-based New York Construction

Applied Specialty Underwriters offers a project-based solution for owners, developers, and general contractors in New York with construction costs ranging from $10M to $300M. Coverage can be structured to include owners, developers, and general contractors as named insureds.


Project General Liability

  • $2M each occurrence / $4M aggregate

  • Deductibles starting at $25,000

  • Comprehensive ISO-based coverage

  • Subcontractor risk management and coverage verification program

  • Appetite includes for-sale residential exposures


Project Excess Liability

  • Supported and unsupported Excess Capacity

  • $3M each occurrence in the lead Excess position with a $2M each occurrence attachment

  • $5M each occurrence with a minimum ground up attachment of $5M each occurrence

  • $10M each occurrence with a minimum ground up attachment of $10M each occurrence


Broker Guidance

  • Written via appointed wholesale brokers

  • Non-admitted and admitted coverage available. Admitted coverage provided via New York Free Trade Zone, with AM Best rated ‘A’ (Excellent) carriers, Financial Size Category XI


Submission Requirements

  • Completed Applied Specialty Underwriters project application or equivalent application

  • Project site map and architectural renderings

  • Geotechnical report less than 4 years old

  • Detailed construction budget

  • Construction timeline

  • General contractor’s site-specific safety plan

  • List of recently completed projects and loss history appropriate to the exposure

  • The proposed contract between the owner/developer and general contractor



New York Excess Wrap

Excess Capacity is available for New York based wrap exposures.


Excess Wrap

  • $10M each occurrence with a ground up attachment of $15M each occurrence

  • A minimum of one General Aggregate reinstatement required for all underlying layers


Broker Guidance

  • Written via appointed wholesale brokers

  • Non-admitted and admitted coverage available. Admitted coverage provided via New York Free Trade Zone, with AM Best rated ‘A’ (Excellent) carriers, Financial Size Category XI


Submission Requirements

  • Completed Applied Specialty Underwriters project application or equivalent application

  • Project site map and architectural renderings

  • Detailed construction budget

  • Construction timeline

  • The general contractor’s site-specific safety plan

  • List of recently completed projects and loss history appropriate to the exposure


Contact us to learn more.

We're here to help.

Contact Us

55 West Monroe Suite 1550 Chicago, IL 60603

Products are offered through Applied Risk Services, Inc.; New York License Number 937411, doing business as Applied Specialty Underwriters LLC

©2022 Applied Specialty Underwriters, LLC., Rated A (Excellent) by A M Best.