Continuing our discussion of the types of accounts The Coyle Group focuses on, today, we want to introduce three more practice areas.
The first is our hospitality practice group. This group includes hotels, restaurants, bars, cafés, caterers, and nightclubs. For establishments serving alcohol, comprehensive protection from liquor legal liability claims, assault and battery claims, and other specialty coverages is a must in addition to the traditional property, liability, workers compensation, auto, and umbrella coverages. Hospitality insurance in New York is a major practice group for The Coyle Group, and we welcome your inquiries.
Real Estate Insurance
Second is our real estate practice; in this area, we focus on habitational, retail, office, industrial and warehouse buildings owned as investment properties or held by developers and real estate holding companies. Here we pay special attention to coordinating property values on the buildings, any business personal property (contents) in those buildings and business income/loss of rents protection. This is a market that in New York is becoming a bit more challenging today than in the recent past. Habitational risks such as apartment buildings are facing stricter underwriting requirements with underwriters digging deeper into DOB violations and prior loss history. Before going out to market, we suggest making sure your Dept. of Building record is as clean as possible. The Coyle Group is an expert real estate insurance broker in New York, we can help you secure the right coverage for your property.
Construction & Contracting Insurance
Lastly is our practice focusing on being the best construction insurance broker in New City, NY and in greater NYC.
Construction and contracting insurance is to say the least, difficult in New York, and particularly difficult in the 5 boroughs of New York City. For contractors with any sort of height related risk, this only compounds the problem, due to the unusual labor laws in New York, but we do have access to the top underwriters for construction-related risks, large and small.
Smaller artisan contractors such as those doing: carpentry, drywall, painting, electrical, plumbing, landscaping, masonry, and HVAC are the most desirable classifications in the suburban NY marketplace from an underwriters perspective.
Larger contractors in all classifications in and around New City, NY and NYC should be prepared before going to the insurance marketplace for quotes. What does “being prepared” mean?
It means that you have to put your best foot forward when going “out to market”. You’re competing for the attention of underwriters to get the best price they can offer, so you need to prove why you deserve the best price. The Coyle Group can help you with these tips as well as others to make your company more attractive to the insurance marketplace.
Being prepared means:
- Reviewing your loss runs regularly and managing claims to their lowest possible costs. Especially for workers compensation.
- Reviewing Motor Vehicle Reports (MVRs) for all your employees who drive, and establishing eligibility criteria to help weed out poor drivers.
- Updating your safety manual.
- Having notes of all your toolbox talks and safety meetings documented.
- Review and update agreements with subcontractors and others to make sure your indemnity agreements are up to date and enforceable.
For more information on our Hospitality, Real Estate and Construction Insurance practices at The Coyle Group, please contact us!