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, experts say.
Insurance rates in the Empire 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 injured after July 1, 2007.
In the past year, however, those rates have doubled. That's because construction-related Workers' Comp claims from the early 2000s are just now hitting insurers' balance sheets, and insurance carriers are starting to see the results of projects done in 2003 and 2004, says Chris Smith, vice president and managing director for Turner Surety and Insurance Brokerage of Woodcliff Lake, N.J.
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