Filed Under:Markets, E&S/Specialty

Building On a Rebound

As construction heats up, producer opportunity abounds in selling cover for enlarged vehicle fleets, as well as CGL and E&O protection against defaults. But the hiring of inexperienced workers and rehiring of long-absent ones spur new claims.

While a recovery in residential construction has outpaced the nonresidential construction sector in recent years, things are finally looking up in nonresidential, with strong increases being seen in certain parts of the U.S.—even in the “mega-residential” apartment and condo sectors of Texas, Florida and California.

According to the Associated General Contractors of America, in the first two months of 2014 nonresidential construction spending climbed 11.8%, driven by significant growth in the power & energy, manufacturing, retail, warehouse & farm, and office construction segments. During that same time period, residential construction spending increased 15.2%.


Protect Prime Contractors' Businesses with Subcontractor Bonds

Sub-bonds offer a combination of payment and performance protection. Independent agents have an opportunity to educate their customers about the...

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