Builders Risk

Here are a few simple reminders that will help insurance professionals avoid many of the errors & omissions pitfalls associated with the procurement of builders risk policies.

The surety industry is one of the most complex markets in insurance—which makes it a great avenue for independent agents to prove their value. But in a persistent soft market, adding value beyond price is easier said than done.

Due to the amount of detail and sensitive information involved in the surety bond process, it’s important to choose a reliable wholesaler to support you and your client.

Independent agent Richard Miller predicts that the surety bonds market will remain strong in the long term. “The future of surety is endless,” he says. “As long as there are jobs to be done, financial guarantees are required, and bonds are uniquely suited

The ongoing labor shortage in the construction market continues to put pressure on project scheduling and costs for contractors. But for contractors who are struggling to manage scarce resources, the surety market offers relief.

As competition heats up in the builders risk insurance market, keep an eye on broader coverage forms, the Internet of Things and predictive analytics.

As a result of increasingly popular design-build scenarios, the efforts of general contractors have intertwined with design professionals, which can lead to extremely complex, costly and timely liability issues.

As the U.S. construction market stays strong, builders risk insurance pricing has gotten more and more competitive. But are losses starting to catch up with rates?

Working in the builders risk market gives independent agent Shyla Lankford a sense of accomplishment. “Being able to watch the progress of a project go from empty land to a beautiful building and knowing that you were a part of that is exciting and fulfil

What many contractors don’t understand is that a surety bond doesn’t protect the contractor. It protects the project owner from loss by the surety if the contractor fails to fulfill their obligations.