NYIC Tenant Insurance FAQ
So you’ve decided to join NYIC! Great! NYIC requires all tenants and people who will be using tools in the shop to have general liability insurance for their entity listed on the lease. We’ve prepared some general information and FAQ to help guide you through obtaining insurance.
First, a note:
NYIC can’t tell you what needs to be covered under the policy you’ll need. You need to insure the activities you’ll be doing and the use of tools you’ll be using in the NYIC space. You don’t need to insure NYIC as a space. NYIC has its own insurance policy should something happen to or in the space. The NYIC policy does not cover you!
The insurance you will need
A few details about the insurance you’ll need:
- General liability insurance with a $1 million occurrence and $2 million total coverage. This is standard for most general liability insurance.Your policy should cover you for the work you plan on doing in the shop – be it furniture making, software consulting, etc.
- List New York Industrial Collective has an additionally insured party. This won’t cost you anything extra, and your insurance company should be able to do it for you quickly and easily.
We normally see this costing around $200/year but it is fully dependant on the type of work you will be doing. It could be more and you should call around or search online to find an insurer that will work with you.
A phone call script
Here’s a script to start your phone calls or emails with:
“I’m renting a space where I’m doing
Where to Buy
A list of places that folks at NYIC have had success getting a policy with: