How New York's Scaffold Law and Section 240 Affect Commercial Real Estate Development, Construction Insurance Pricing, and Investment

Source: International Business Times

Pixabay New York Labor Law Section 240, commonly known as the Scaffold Law, has been a fixture of the state's construction injury framework for more than a century. The statute imposes absolute liability on property owners and general contractors for injuries to workers caused by elevation-related hazards. For commercial real estate developers, construction insurers, and the broader investment community that finances New York City's continuing building boom, the Scaffold Law is one of the most distinctive features of doing business in the state.