"HR&A Advisors, an economic development group in NYC, along with the Building Trades Employers' Association (BTEA) released a report on Dec. 10 that advisors said shows in detail the devastating economic toll of the state's absolute liability standard, known as the Scaffold Law. The Scaffold Law holds employers and property owners fully liable if a worker is injured due to a fall while working at high elevations without safety equipment."
"Per the analysis, which is based on a proprietary look into the books of some of the state's largest builders, insurers and public sector institutions, shows that insurance premiums now consume 8% to 10% of total development costs in New York, compared to just 2% to 4% in states like New Jersey, Massachusetts and Illinois. Agencies like the MTA could be affected by the high costs, according to Elizabeth Crowley, president and CEO of the BTEA."
The Scaffold Law imposes absolute liability on employers and property owners for worker falls at high elevations without safety equipment. Insurance costs in New York run 200% to 500% higher than in comparable states because of this liability standard. Insurance premiums now consume about 8% to 10% of total development costs in New York versus 2% to 4% in states like New Jersey, Massachusetts, and Illinois. Elevated insurance spending diverts billions from construction budgets, affects public authorities such as the MTA, reduces project starts, eliminates jobs, and exacerbates the affordable housing shortfall.
Read at www.amny.com
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