Commercial Lines

With nearly 6 in 10 nonprofits negatively impacted by COVID-19, independent agents have the opportunity to counsel their nonprofit clients on the issues they face.

The contractors professional liability market is experiencing turmoil it hasn’t seen since the early 2000s, resulting in less capacity and higher rates.

“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 addition to workers compensation, Foresight now offers inland marine, motor truck cargo, contractors, equipment, and builders risk policies.

Now is the time agents can improve and add value to their client relationships as rates rise and capacity tightens within the builders risk marketplace.

Many contractors are still unaware of the professional services and pollution risks associated with their construction work. Independent agents can help clients cover such risks.

The construction industry battled direct and collateral effects from COVID-19 as many builders risk policies did not provide the coverage needed.

Proximity Protect provides workspace coverage and underwriting support for coworking and flex space operations.

While D&O rates are expected to increase through 2021 the trends are definitely encouraging, unless you’re going public through an initial public offering (IPO) or a special purpose acquisition company (SPAC).

The agent submitted an application for professional liability, but was told by the underwriter that saunas and float tanks are operations hazards and therefore do not have professional liability exposure.