Section 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.