X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
The construction industry is facing tough times as land remains undeveloped and unfinished buildings and homes dot the national landscape. (Photo: iStock)

The construction industry is facing tough times as land remains undeveloped and unfinished buildings and homes dot the national landscape. The excess and surplus lines market, which has been home to the construction contracting industry for many years, has recently seen an exodus of business back to the standard market as carriers strive for more rate-adequate risks.

This year, both the standard and surplus lines sides of the industry will devour what little is left of the policyholder’s rate adequacy by reducing contractor premiums. In addition, homeowners are realizing that it’s more cost effective to remodel or refurbish than it is to build new, particularly with the current economy. Most general contractors are adjusting by shifting their primary business function to remodeling, rehabilitation and HVAC contracting.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2022 ALM Global, LLC. All Rights Reserved.