As the U.S. embarks on a nationwide infrastructure upgrade, a challenging casualty insurance market may make for a bumpy road. Millions of miles of roads as well as thousands of bridges and dams need repair across the country. A massive federal program aimed at addressing those needs is getting underway even as contractors face shortages of skilled labor and tight material supplies following the pandemic-related supply chain logjams. Social inflation is also generating other roadblocks as liability verdicts soar into the tens of millions of dollars. In the current legal environment, insurers have been pulling back on casualty coverage for public works projects, particularly those involving streets and roads, to limit their own exposure. As placements become more complex, experienced wholesale brokers with strong market relationships can be an invaluable ally for meeting insureds’ casualty insurance needs.

Turmoil in the property market, higher interest rates, and a slowing economy are complicating the Builder’s Risk market. Capacity is available but with higher deductibles and stronger risk mitigation requirements. Increasingly complex placements require skilled brokers with strong market relationships to get the job done.

Not sure what to expect when it comes to premium or terms and conditions? Interested in which lines of business may be seeing limited capacity or markets? Learn what to expect in the 2023 marketplace with our annual easy-to-read quick reference guide.

Construction projects are often complex undertakings, involving a variety of different stakeholders, including contractors, architects, designers, subcontractors, suppliers, and project employees. With several entities involved, the potential liability exposures of construction projects can be extensive. While project owners typically require subcontracted design professionals and construction managers to carry Architects & Engineers (A&E) insurance, coverage for a project owner under an A&E policy is still far from guaranteed.

The insurance market can be a tough place for Florida’s residential subcontractors working on new construction. While there are still sufficient standard markets on the commercial side for small subcontractors, those working on new residential construction such as condos, tract homes, and townhomes are finding it’s more difficult to obtain coverage. This makes it challenging to meet the insurance requirements often set by general contractors or lenders.