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’s coverages are offered through a family of carriers with approximately $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


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Offered through Excess & Surplus Lines only, Applied Risk Services Inc, Licenses available on request or in California through AU Insurance Services, Inc: California License Number 0D78336.

©2024 Applied Underwriters, Inc. Rated 'A-' (Excellent) by AM Best.