Construction Insurance Transparency Act Approved by Assembly Insurance Committee
Leading personal injury firm Gersowitz Libo & Korek, P.C., noted with approval the passage of the Construction Insurance Transparency Act of 2015 by the New York State Assembly Insurance Committee. Meeting with 19-to-5 vote support from committee members, the proposal represents an important step toward transparency for the construction insurance industry. By requiring construction insurance providers to file regular financial statements with the New York State Superintendent of Financial Services, the Act would shed valuable light on the true costs behind construction insurance premiums and shore up the state's 130-year-old Scaffold Safety Law, thereby protecting workers.