Introduction:
In New York, it is not uncommon for buildings or general contractors to reject insurance coverage. There can be various reasons for this rejection, but it’s essential not to panic. In this article, we will guide you through the process of resolving your rejected insurance and provide some valuable tips.
Hi, I’m Geoff McCarthy from GRBM, and today I’ll walk you through the steps to resolve your rejected insurance.
Step 1: Obtain Detailed Explanation in Writing
To effectively address the rejection, it is crucial to understand the specific reasons behind it. Request an insurance requirement sheet and a sample certificate from the party rejecting your coverage. Save both documents and share them with your insurance broker or, if you don’t have one, feel free to contact me. This clear communication will expedite the resolution process.
Step 2: Review and Assess the Issues
Sometimes the issues can be as simple as checking a box or providing additional information. However, in some cases, you may need to provide a full copy of your policy or request specific endorsements. It’s important to cooperate and comply with reasonable requests to avoid unnecessary delays.
Step 3: Evaluate Policy Modifications
Depending on the nature of the rejection, modifying your policy can range from a simple endorsement to obtaining an entirely new general liability or umbrella policy. Be prepared that certain exclusions, such as injury to employee or action over exclusions, may require a comprehensive rewrite of your liability policies. Keep in mind that such modifications often come with a significant cost increase. Consider whether the additional expense aligns with the value of the job at hand.
Step 4: Seek Professional Guidance
When dealing with rejected insurance, it’s crucial to work with experienced brokers who specialize in construction liability insurance in New York. While it may be tempting to rely on a friend’s cousin or an inexperienced broker, it can often worsen the situation. In New York, a large portion of construction liability insurance is placed in the non-admitted or excess and surplus lines market. Working with knowledgeable brokers who have built trust with underwriters can significantly increase your chances of obtaining the right coverage at the right price.
Conclusion:
Resolving rejected insurance is a process that requires patience and clear communication. By understanding the specific reasons for rejection, cooperating with requests, and seeking professional guidance, you can navigate this challenge more effectively. Remember, if your insurance has been rejected and you need assistance, please don’t hesitate to contact us.
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