Instant Insights / Construction update: Challenges, opportunities and risks

Today's construction insurance market offers unique challenges and risks, but it also presents opportunities for agents, brokers, and insurers to grow business.


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construction A contractor hammers wood while working on the roof during construction of an apartment building on Marcy Avenue in the Brooklyn borough of New York, on Friday, April 20, 2018. (Photo: Yana Paskova/Bloomberg)

Most construction contracts require project leaders to obtain builder’s risk insurance — in fact, it’s become standard practice within the industry over the years. However, the reality is that many owners and contractors fail to comply with this provision, and either do not obtain any builder’s risk coverage whatsoever or obtain coverage that is inadequate to protect the project and those involved in its construction.

Related: Construction conversation: IRMI’s Bill McIntyre

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