Errors & Omissions Issues
E&O Loss Prevention Tools
NYC Department of Transportation
Sample letters to clients who do work for New York City Dept. of Transportation
Following negotiations led by IIABNY and including other insurance producer groups, the New York City Department of Transportation has agreed to modify its requirements for certificates of insurance. The action will allow agents and brokers to issue certificates that the DOT will accept, enabling insured contractors to obtain sidewalk and roadways construction permits. While the certificate form may satisfy the requirement for a permit to be issued, some insurance policies may not provide all of the coverage terms required, opening up the potential for an E&O exposure to the agent. The association's general counsel Jim Keidel of Keidel, Weldon & Cunningham, LLP, has developed a sample confirming letter and acknowledgement form that can be used to advise your clients of a possible coverage gap. IIABNY is continuing to work with the NYC Department of Transportation to recommend changes to the existing regulation.
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