NY Work Comp Rates 5040 Steel or Iron Jumps 18.3%

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NY Class Code  – 5040 Erectors of Iron or Steel Frame Structures

Definition: NY Workers Comp Code 5040 is applied to insureds engaged in the erection of iron or steel frame structures including assembly or fabrication at a job site.  Further, this Code applies to the raising and securing of structural members for buildings in excess of two stories high.  Certain specialist contractors also fall within the scope of this classification please call for details @ 212-947-4298.

  1. Who Can Use It: This Class Code applies to employees working at a job site where the iron or steel erection is taking place.  The duties of covered employees may include using a crane or boom, bolting, welding or riveting pre-fabricated structural pieces.  Code 5040 also includes erection of exterior balconies, fire escapes, staircases, and fireproof shutters on any type of structure.  In addition, erection of iron or steel bridges and radio and television towers falls within this Class Code.
  2. Pricing: For the 2011 policy year, NY Class Code 5040 experienced a substantial rate increase of 18.3 over the 2010 rates.
  3. Who’s Writing this Coverage: NY State Insurance Fund has traditionally provided coverage for code 5040.  Contact us for several specialty carriers aggressively writing Class Code 5040.

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