Guide to Elevator Insurance

Charles Goodman Group: Friendly Chappaqua NY Insurance Broker

Elevator insurance is a type of casualty insurance that covers property damage and liability claims related to elevator accidents. The risk of being sued by a visitor or resident riding an elevator is constantly there, but elevator coverage protects building owners against other types of losses as well. For example, if a freight elevator malfunctions while carrying thousands of dollars’ worth of property, elevator coverage allows the policyholder to file a claim for the damaged goods.

If you own a building with an elevator, ask a Chappaqua insurance agent about the types of elevator coverage offered or how to add this coverage to your current casualty insurance policy. Your current liability coverage may not protect you against lawsuits resulting from a faulty elevator, and building employees and contractors frequently have to perform maintenance inside the elevator shaft. If an accident occurs while they’re working on the lift, the law says that you will have to deal with the Department of Labor Workers’ Compensation to resolve any monetary claims. With the proper coverage, this situation is less stressful.

It’s sometimes unclear whether a building owner or the company providing elevator maintenance under contract is liable for worker injuries. This detail is most likely mentioned in the maintenance contract, but if one party assumes they’re not responsible for worker safety when they actually are, they could allow themselves to be underinsured when they need coverage.

The insurance agent experts at the Charles Goodman Group of Chappaqua NY can assist you with any questions regarding automobile insurance or property insurance.

The bottom line is that a building owner isn’t always liable for injuries to maintenance crew members working under contract, but to be absolutely sure, it’s a good idea to show the contract to the insurer so that adequate coverage is provided. Other than the building owner, maintenance contractors are the only people who might be responsible for elevator safety. When it comes to building employees, residents and visitors, the owner is the only one liable for injury claims.

Casualty insurance is one of the broadest categories of coverage and protects policyholders against most types of property loss caused by damage, theft or vandalism. However, a particular policy only covers certain types of loss, such as damage from hurricanes, lightning or fire. If you lose property from a catastrophic event that isn’t covered by your policy, you suffer the same loss that you would without coverage. Anyone with a valuable, income-providing asset, such as a building or business, should have coverage for every type of eventuality that can occur on that property, including liability insurance in case of an accident sustained by employees or visitors.