NEW YORK MUST FAIRLY REFORM THE “SCAFFOLD LAW” TO HELP DEVELOPMENT, LARGE AND SMALL CONTRACTORS, AND JOB CREATION
New York is the only state in America that subjects real estate developers, building owners and contractors to absolute liability for gravity related accidents at worksites even where the worker is grossly negligent and directly contributed to his injury. This liability is imposed by New York’s “scaffold law” enacted in the late 1800’s.
Scaffold law claims triggering excess coverage now approach an average total exposure of $4 million. Because owners and contractors aren’t permitted to defend themselves as in other states, a scaffold law case will regularly “settle” with the insurance carrier paying over a million dollars. As a result, carriers are now refusing to insure real estate projects in New York, or are dramatically raising rates and deductible amounts. General liability insurance costs can now exceed 8% of a project’s cost, are between 300% and 1,200% higher than other states and the deductibles imposed on owners and contractors can exceed $1 million. These skyrocketing costs are stifling development, hurting large and small companies including minority and women-owned businesses and preventing job creation.
The Council has assembled a panel of experts to explore the perspectives of insurance carriers, developers, school builders and construction employers on the scaffold law and the need for fair reform.
Event date: Tuesday, March 13, 2013, from 8:30 AM to 10:00 AM
Where: Scandinavia House (58 Park Avenue, New York, NY)
Ticket price: $150 ($1,000 for 8 people) -- includes continental breakfast.
CLICK HERE FOR MORE INFORMATION or call Joel Park at 212-450-7300