The construction industry may not make a major comeback any time soon in New York State, where labor laws as applied to the construction insurance business are doubling rates and driving carriers away, the experts say.
Insurance rates in the state have risen steadily over the past five years, since the New York legislature enacted statutes to its Workers' Compensation Law that gives broader rights to construction employees who are injured after July 1, 2007.
In the past year, however, those rates have doubled.
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