Insurance Insider: Nationwide E&S pulls back from NY construction

According to a report from Insurance Insider, Nationwide has decided to withdraw from New York’s excess and specialty line brokered construction insurance due to the state’s unique Scaffold Law. “The main driver is New York Labor Law section 240/241 and its impact on claims against controlled insurance programs (CIPs), or ‘wrap-ups’ as they are more commonly known. The ‘Scaffold Law’, which no longer exists in other states, means that the cost of insuring a construction project in New York is typically 10 times higher than in the rest of the country, according to a recent Willis Towers Watson report,” Insurance Insider says.

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