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From the Front Lines: Construction

"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.
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From the Front Lines: ConstructionJase Riggs

Owner & Account Executive

Riggs & Associates Group

Ardmore, Oklahoma


How did you get started at your agency?

I founded Riggs & Associates Group in June 2019 as a scratch agency following a time at another small independent agency in Ardmore. Rather than opting for a more conventional approach, I embarked on the path less traveled. Despite industry suggestions to join an aggregator or cluster group for broader market access, I focused on leveraging existing relationships with select carriers to build a profitable book. Over the past five years, I have successfully and strategically expanded through additional partnerships in my target markets.

Why construction insurance?

The construction industry plays a vital role in economic development and is constantly evolving and generating a high demand for insurance products to manage risks essential to its operations. Further, the construction industry faces unique challenges, such as fluctuating project scopes, varying regulatory requirements and complex supply-chain challenges. This complexity provides an opportunity for me to apply my expertise in risk management to help construction firms navigate these challenges effectively. Most importantly, I have a genuine passion for the construction industry and enjoy working closely with construction professionals to understand their needs and provide tailored insurance solutions.

Challenges in the construction insurance market?

Despite increased competition, the cost of construction insurance has been on the rise due to various factors, including increased construction activity, rising labor and material costs, and higher frequency and severity of claims.

In addition, regulatory changes, such as new building codes, safety regulations and environmental laws, can impact the insurance requirements for construction projects. As their agent, it is my job to ensure I am up to date with the ever-changing market, which can be very challenging.

Future trends?

There is a growing focus on sustainability and green building practices in the construction industry, which can impact insurance requirements and the coverage needed. Also, environmental, professional and cyber liability needs are more of a focus than ever.

Advice for a fellow agent?

My approach is very simple: Add value, communicate and follow through. If you do those three things, you won't have enough time to keep up with your growing book of business. Stay on top of trends in the industry. Join local and state organizations that support your clientele. Insureds want to know that you care about their industry, not just their next renewal.

Olivia Overman is IA content editor.

17798
Monday, June 10, 2024
Builders Risk
Big I Markets