Markets

With factors such as an aging workforce and economic fluctuations pushing material and wage costs higher, agents can help their clients purchase adequate builders risk coverage.

As the builders risk market evolves through a changing economic and physical landscape, agents play a key role in protecting the interests of the insured.

The product covers $100 million in capacity per construction project on a lead or follow basis.

What may seem like insignificant details can have profound ramifications if a claim occurs. Here’s how to avoid a major setback with a client’s policy.

“There is a growing focus on sustainability and green building practices in the construction industry, which can impact insurance requirements and the coverage needed,” says independent agent Jase Riggs.

US Assure expanded eligibility for XPressBIND, its online six-question application with no underwriting holds, from $500,000 to $1 million for new home construction projects.

An independent agent can provide the benefit of their knowledge and expertise to ensure their clients are adequately covered during a home renovation or remodeling.

From rising rates and inflation to catastrophes and labor shortages, independent agents can help clients balance the many factors impacting the builders risk market.

“Most recently, the biggest change has been the increase in building material costs,” says independent agent Gus Brabham on builders risk. “Making sure that the policies that are put into place consider the higher cost to rebuild as the project moves alon

In a challenging builders risk marketplace, “water damage is becoming a silent killer for a lot of carriers,” says independent agent Bret Lawrence. “We’re seeing water damage minimum deductibles increasing and many carriers sub-limiting the coverage.”