§ 2505. Designation of particular insurer, agent or broker for
construction contracts generally. (a) In any building or construction
contract bid, negotiated or executed except as described in section two
thousand five hundred four of this article, no contractor or
subcontractor shall be required to pay premiums or related charges for
policies of insurance or surety bonds specified in connection with such
contract on policies or surety bonds acquired by an owner or other
contractor. No contractor or subcontractor shall be required to make
application to any particular insurance company, agent or broker for, or
to obtain or procure therefrom, any policy of insurance or surety bond
specified in connection with such contract, or specified by any law,
general, special or local.

(b) This section shall not, however, prevent an owner or other
contractor from providing all insurance policies or surety bonds
required by such contract without reimbursement from the contractor or
subcontractor. Nor shall it preclude such owner or contractor from
requiring that the contractor or subcontractor provide a credit in his
bid which reflects the amount the bidding contractor or subcontractor
would otherwise add if he provided his own insurance as required in the
bid specifications. This section shall not deny an owner or contractor
the right to approve the form, sufficiency, or manner of execution, of
any insurance policies or surety bonds furnished by the insurance
company selected by the bidder.