00:00The cost of construction is very high. It's hard to imagine affordability improving much on anything.
00:06Yes, OK, New York is going to be a higher cost state. That doesn't explain the surge per se.
00:12Has something changed in the last 5, 10, 20 years? I mean, New York used to do a lot more
00:17building or used to build a lot.
00:18In the last 10 years, we've seen a significant rise in the cost of insurance. I think it directly correlates
00:26with frequency of claims, third-party claims, payouts of those claims, and how either a judge or jury awards damages
00:36in those cases.
00:38There's been well-documented cases of staged construction accidents on sites.
00:43In New York, the bodily injury claim settlements for scaffold law are six and a half times the average of
00:49other claim settlements.
00:51The sheer volume has been increased by tenfold, but we're talking about in 15 years, and that's why these insurers
00:59are leaving.
00:59You know, why now? Why do we think we have a real opportunity?
01:03Not just because we have this economic impact report that shows us exactly how much we're spending,
01:09because government leaders are finally talking about the fraud and abuse that's happening.
01:14You know, our governor and her state of the state last month called on insurance reform for the automobile industry.
01:22We're paying 50 percent more in car insurance compared to every other state, but our contractors are paying 500 percent
01:29more.
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