Responding to New York building risks in firming P&C market
Today's construction insurance market offers unique challenges and risks, but it also presents opportunities for agents, brokers, and insurers to grow business.
Historically, professional liability insurance policies related to construction have been created for specific individual risks: architects and engineers, contractors, developers, environmental consultants and other miscellaneous related professionals. There were also policies that addressed the exposure for the design, manufacture and installation of products.
As a result, the technical expertise of underwriters has developed rapidly with almost all of the supporting talent pools seldom straying from their individual niches. That is until this past decade when the professional liability insurance market began to change in response to evolution within the construction market.
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