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The basic liability limit is $50.
The giant contractors that run the cranes and trucks and work crews at ground zero have been denied the basic liability coverage against injury and property damage that builders typically carry.
In one of the quiet subplots of the cleanup, the giant contractors that run the cranes and trucks and work crews at the World Trade Center site have been denied the basic liability coverage against injury and property damage that builders typically carry on every project, even on a single-family house.
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Reeling from a string of multimillion-dollar jury awards and a ruinous six-year nationwide price war, insurance companies have increased the cost of basic liability policies for cities in the Long Beach and Southeast areas by as much as 650%.
The contractors have said that ordinarily they would not have undertaken a run-of-the-mill project, let alone one like the trade center cleanup, without basic liability coverage.
Executives with the contractors said they normally would never undertake a project, especially a $1 billion job like the World Trade Center cleanup, without basic liability coverage.
Port Jefferson has been without basic liability insurance since Sept. 11, when the term of the village's policy ended, and village officials are still looking for an insurance company to cover them.
Although premiums vary wildly by company and area, a woman in Compton with 10 years of driving experience and a clean driving record could pay $466 to $2,312 a year for basic liability insurance, according to the state Department of Insurance's 1999 premium survey.
Most entrepreneurs are opting to go for the low-hanging fruit, like the basic Limited Liability Company (LLC) rather than jumping through the legal hoops of these new structures, such as the Benefit Corporation or L3Cs.
$4.50 THEATER UTILITIES AND MISCELLANEOUS EXPENSES $1.00 INSURANCE/ ACCOUNTING All Broadway productions carry insurance -- for canceled shows (as happened on Sept. 11), as well as basic liability -- which averages about $2,500 a week.
Two-way insurance coverage is very expensive and almost completely unavailable for vehicles over ten years old the drivers can only get basic liability.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com