Stormy Skies Ahead? Important News Regarding a Hard Construction Insurance Market
Word out of the construction insurance brokerage community is that the construction insurance industry has entered a hard market, seemingly overnight, warns Jason Adams, senior counsel at Gibbs Giden.
In a LinkedIn post, he writes that property (i.e. builder’s risk), liability and wrap-up markets are all reacting unfavorably, resulting in higher premiums and decreased availability of coverage options.
He offers five key takeaways, such as the advice to lock in insurance quotes in now, before the underwriters are forced to increase the rates/restrict coverage, or pull the quotes entirely.