N.Y. Insurance Law § 2505: Designation of particular insurer, agent or broker for construction contracts generally

§ 2505. Designation of particular insurer, agent or broker for

construction contracts generally. (a) In any building or construction

contract bid, negotiated or executed except as described in section two

thousand five hundred four of this article, no contractor or

subcontractor shall be required to pay premiums or related charges for

policies of insurance or surety bonds specified in connection with such

contract on policies or surety bonds acquired by an owner or other

contractor. No contractor or subcontractor shall be required to make

application to any particular insurance company, agent or broker for, or

to obtain or procure therefrom, any policy of insurance or surety bond

specified in connection with such contract, or specified by any law,

general, special or local.

(b) This section shall not, however, prevent an owner or other

contractor from providing all insurance policies or surety bonds

required by such contract without reimbursement from the contractor or

subcontractor. Nor shall it preclude such owner or contractor from

requiring that the contractor or subcontractor provide a credit in his

bid which reflects the amount the bidding contractor or subcontractor

would otherwise add if he provided his own insurance as required in the

bid specifications. This section shall not deny an owner or contractor

the right to approve the form, sufficiency, or manner of execution, of

any insurance policies or surety bonds furnished by the insurance

company selected by the bidder.