HAMILTON, N.J. (June 10, 2014) – New Day Underwriting Managers LLC recently introduced the results of its 2015 Market Update, highlighting trends and predictions for today’s environmental and construction-related professional liability insurance marketplace. Celebrating its 10th anniversary, New Day unveiled the annual recap as its latest tool for helping agents, brokers and clients navigate the changing construction marketplace with optimal risk management solutions.
The 2015 Market Update explores specific trends and details for environmental and construction-related professional liability coverage in the areas of General Liability/Pollution Legal Liability, Architects & Engineers (A&E) Professional Liability, Contractor’s Professional Liability (CPrL), Owners Protective Professional (OPP), Contractor’s Pollution Liability (CPL), General Liability/Contractor’s Pollution Liability/Professional Liability and Pollution Legal Liability (PLL). This includes state-of-the-market descriptions, policy analyses, pricing, changes and leading influences.
“Our goal is to solve client challenges and lead the market with the insight and knowledge necessary to overcome both foreseeable and unforeseen construction industry risks,” says Jefferey S. Lejfer, president and CEO at New Day Underwriting Managers. “The standard design-build period has nearly vanished. In its place are converging talents, relationships and responsibilities that are constantly opening the door to new exposures. This report highlights our efforts to educate customers and fill their risk management needs for the highest quality resources available today.”
In other product areas, the update expects the Pollution Legal Liability market to continue in a state of flux as carriers continue to “re-underwrite their renewal and amend appetites for new businesses.” This includes the evolution of enhancements surrounding areas such as contingent business interruption, disinfection and evacuation expenses, non-owned disposal site coverage, green mediation and biological hazards coverage. Furthermore, the availability of Contractor’s Pollution Liability (CPL) is expected to remain plentiful with coverage enhancements for emergency remediation, crisis management and first-party indemnification offered from varying providers.
To view the entire 2015 Market Update, click here.
