RT Specialty’s Environmental and Construction Professional (RT ECP) Practice released its 2022 Market Update to help agents and brokers nationwide better understand the state of today’s commercial construction marketplace and the strategies needed to overcome the risks, exposures, and liabilities impacting this highly-specialized field.
Representing the collective knowledge of RT ECP’s industry specialists and representatives from several leading insurers, the 2022 Market Update was developed to provide an insightful look into the “state-of-the-marketplace” surrounding the latest Contractors Pollution Liability (CPL), Pollution Legal Liability (PLL), General Liability/Pollution Legal Liability (GL/PLL), General Liability/Contractors Pollution Liability/Professional Liability (GL/CPL/PL), Architects & Engineers Professional Liability (A&E PL), Contractors Professional Liability (CPrL), Owners Protective Professional Indemnity (OPPI), and Real Estate Developers (RED) Professional Liability products.
In addition to providing updates on rates, capacity, claims, buying motivators and underwriting forecasts, the 2022 Market Update also cites the areas of growth and concern surrounding each product. Driven by an increase in claims activity across most of the coverage platforms as well as the ongoing impact of COVID-19, the report noted that the industry in general lowered its tolerance for losses, while expanding the exclusionary language embedded in most policies. This also accompanied the more intensive scrutiny of the terms and conditions offered to insureds, especially the programs of lower-tiered contractors or design/build firms.
To view the entire 2022 Market Update, here’s the URL: https://rtspecialty.com/wp-content/uploads/2021/10/2022_RT-ECP_Market-Update-Final_102821-1.pdf.