Adopting Technology for Difficult Classes: NY Contractors
Building owners and contractors in New York face a daunting task when it comes to securing general liability insurance for their construction projects. With heavy equipment, complex regulations, and strict liability laws, New York City is a challenging place to build. Many insurers shy away from the risk, making insurance coverage limited and expensive. But Ethos Specialty is changing the game with our innovative approach to construction insurance.
EVP and Head of Ethos Specialty’s Construction Practice, Adam Schnell, brings decades of underwriting experience to the table and has created a comprehensive insurance solution that reduces friction and improves results. This solution combines top-notch coverage with an IoT-driven risk management and site safety program that helps to prevent incidents and reduce claims.
Ethos Specialty’s owners and contractors participate in a site safety program that includes a full-time safety manager and a proprietary technology platform that collects real-time data to identify hazards. Over the past five years, this program has prevented over 10,000 hazards and kept incident rates low. With more than 60 projects complete, representing nearly $5B in construction value, the underwriting team has extensive experience in minimizing incidents – with our analysis estimated that the safety program leads to a 90% reduction in incidents as compared to a normal worksite. When these incidents do occur, Ethos Specialty uses technology and expertise to mitigate and resolve claims quickly and efficiently.
The result of this unique approach is a construction insurance program that outperforms the competition in safety, claims frequency, and loss costs. By partnering with owners and contractors who are dedicated to maintaining a safe work environment, Ethos Specialty is leading the way in minimizing risk and furthering construction site safety.
Ethos Specialty disclaimer:
The information contained herein is offered as insurance Industry guidance and provided as an overview of current market risks and available coverages and is intended for discussion purposes only. Statements of coverage availability and scope are general in nature, subject to change and underwriting of any individual risk, and provide no guaranty or warranty of coverage, express or implied. The precise coverage afforded by any insurer is subject to the actual terms and conditions of the policies as issued. Insurance brokerage and related services are provided by Ethos Specialty Insurance Services LLC (California License No. 0M29989). The publication and delivery of the information contained herein is not intended as a solicitation for the purchase of insurance on any US risk.