Hamilton, NJ, June 10, 2015 --(PR.com
)-- New Day Underwriting Managers LLC, a leading specialty intermediary of high-quality environmental and construction-related professional liability insurance, recently introduced the results of its 2015 Market Update highlighting trends and predictions for today’s environmental and construction-related professional liability insurance marketplace. Celebrating its 10th anniversary, New Day unveiled the annual recap as its latest tool for helping agents, brokers and clients navigate the changing construction marketplace with optimal risk management solutions.
The 2015 Market Update explores specific trends and details for environmental and construction-related professional liability coverages in the areas of General Liability/Pollution Legal Liability, Architects & Engineers (A&E) Professional Liability, Contractor’s Professional Liability (CPrL), Owners Protective Professional (OPP), Contractor’s Pollution Liability (CPL), General Liability/Contractor’s Pollution Liability/Professional Liability and Pollution Legal Liability (PLL). This includes state-of-the-market descriptions, policy analyses, pricing, changes and leading influencers such as “the realities of national and world events, natural disasters and the lightening-quick advancement of technology.”
For instance, the 2015 Market Update section on Professional Liability notes the CPrL market’s continual expanse with supplemental coverages such as crisis management, disaster response, Building Information Modeling (BIM) and corporate reputation coverages. This includes a rising claim frequency rate with carriers reporting as much as a 20 percent increase over the previous year. Also foreseen are ever-increasing owner requests and a heightened dependence on technology that places “a higher demand on the standard of care, which only increases the value of the professional liability insurance products.”
“Our goal is to solve client challenges and lead the market with the insight and knowledge necessary to overcome both foreseeable and unforeseen construction industry risks,” says Jefferey S. Lejfer, president and CEO at New Day Underwriting Managers. “The standard design-build period has nearly vanished. In its place are converging talents, relationships and responsibilities that are constantly opening the door to new exposures. This report highlights our efforts to educate customers and fill their risk management needs for the highest quality resources available today.”
In other product areas, the update expects the Pollution Legal Liability market to continue in a state of flux as carriers continue to “re-underwrite their renewal and amend appetites for new businesses.” This involves the evolution of enhancements surrounding areas such as contingent business interruption, disinfection and evacuation expenses, non-owned disposal site coverage, green mediation and biological hazards coverages. Furthermore, the availability of Contractor’s Pollution Liability (CPL) is expected to remain plentiful with coverage enhancements for emergency remediation, crisis management and first-party indemnification offered from varying providers.
As for the Environmental Casualty Marketplace, the 2015 Market Update maintains Combined Pollution Legal Liability (Claims Made) and General Liability (Occurrence) forms will continue their expansion into energy-related classes with industry-specific coverages posting “small increases as underwriters seek to insure adequate rates for general liability exposures.” The Combined Environmental Casualty Program (GL/CPL/PL) will also continue to evolve as “carriers who do not have a hook with ancillary lines may look to distinguish themselves in this highly competitive marketplace.”
“This is a dedicated product prepared by an organization that has not only successfully supported this niche for 10 years, but is backed by the expertise of professionals, who have serviced or worked within the environmental and construction arena for decades,” adds Jeff Slivka, New Day’s chief operating officer and executive vice president. “As an ongoing service to our customers and business partners, the 2015 Market Update represents the sum of this combined experience and knowledge.”
To view the entire 2015 Market Update from New Day Underwriting Managers please visit http://newdayunderwriting.com/site/wp-content/uploads/2015/03/2015-Market-Update.pdf or feel free to reach the company at www.newdayunderwriting.com or 609-298-3516 for more details.
About New Day Underwriting Managers LLC
New Day Underwriting Managers LLC is a specialty resource for agents and brokers, assisting them and their clients find appropriate, high-quality environmental and construction-related professional liability insurance coverages. The company offers agents and brokers single-point access to an ample portfolio of products and services provided by the nation's largest environmental and professional liability insurance providers.