HAMILTON, N.J. (March 28, 2017) – New Day Underwriting Managers LLC announced the results of the 2017 Market Update highlighting the trends and challenges currently confronting the environmental and construction-related professional liability industry. The analysis navigates the complex marketplace with insights and predictions designed to help insurance professionals and their customers minimize risk and overcome construction challenges.
The report offers a comprehensive overview of the news and updates surrounding Architects & Engineers (A&E) Professional Liability, Contractor’s Professional Liability (CPrL), Owners Protective Professional (OPP), Pollution Legal Liability (PLL), Contractor’s Pollution Liability (CPL), General Liability/Pollution Legal Liability (CGL/PLL) and General Liability/Contractor’s Pollution Liability/Professional Liability (GL/CPL/PL) coverage.
“The 2017 Market Update shares the firm’s collective knowledge with agents and brokers looking to make the best possible decisions in these specialty markets,” said Jefferey S. Lejfer, CEO at New Day Underwriting Managers. “It is designed to carefully dissect each individual insurance product with the information needed to make informed buying decisions.”
“The industry is constantly changing,” said Jeff Slivka, New Day’s president. “Our mission is to help our clients better understand the ever-evolving environmental and construction-related professional liability industry. This includes the market conditions, policy enhancements and introductions that are best-suited for managing risks, no matter the project parameters or business model."
The 2017 Market Update provides detailed analyses of each insurance product discussed. Highlighted are updates on marketplace and coverage expansions; rates and pricing; capacities; buying motivators; claims; underwriting status; and short- and long-term industry predictions.
“Our team’s combined expertise went into developing the 2017 Market Update and we are always available to answer questions and offer guidance,” said John Heft, senior vice president and director of the real estate practice at New Day. “We pride ourselves on providing market insight and the latest information available in the marketplace.”
The report underscores the concerns of carriers, which are increasingly alarmed about the rising claims associated with the way many contractors have altered their services to generate revenue. Other sample insights underscore the:
- Contractual obligations that are driving the purchase of CPrL policies for both practice and project programs
- Declining rates of OPP policies, which are based on the continued entry of new carriers and the growing number of owners and developers seeking supplemental protection against catastrophic design errors
- Significant capacity in the PLL space despite the exit of AIG in 2016
- Restricted capacity from excess carriers in the environmental casualty space due to an increase in claim activity and rapidly broadening scope of services
To view the entire 2017 Market Update from New Day Underwriting Managers please visit http://newdayunderwriting.com/site/wp-content/uploads/2017/03/2017_MarketUpdate.pdf.
For more information, visit newdayunderwriting.com.