Logo, Labor Law 240 Insurance, Contractors Insurance in New York, NY
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Call: (877) 670-2330
Cresskill, NJ 07626

Recent Proposed Renewals Improved Upon by Labor Law 240 RPG

Case in Point #1

Background

Small contractor with less than $500,000 in non-wrap receipts, performing exterior work greater than 3 stories, expiring at $28,000/$12,000 (GL/Excess), with no claims over the past 5 years.

Best Open Market Quote

Renewed at $200 rate per $1,000 of receipts (20%) for General Liability, subject to a minimum premium of $150,000, plus $100,000 for Excess Liability, representing a 600% increase in total premium over the expiring premiums.

 

Case in Point #2

Background

Substantial contractor with greater than $10,000,000 in non-wrap receipts, performing exterior work greater than 3 stories, expiring at $225,000/$60,000 (GL/Excess), with two significant claims over the past 5 years.

Best Open Market Quote

Renewed at $60 rate per $1,000 of receipts (6%) for General Liability, subject to a minimum premium of $600,000, plus $300,000 for Excess Liability, representing a 300% increase in total premium over the expiring premiums.

 

Case in Point #3

Background

Substantial contractor with greater than $5,000,000 in non-wrap receipts, performing minimal exterior work greater than 3 stories, expiring at $115,000/$45,000 (GL/Excess), with no claims over the past 5 years and no deductible.

Best Open Market Quote

Renewed at $25 rate per $1,000 (2.5% of receipts) for General Liability plus $125,000 for Excess Liability, representing a 80% increase in total premium over the expiring premiums, while accepting a $25,000 deductible and a nine-foot height restriction.