Hamilton, NJ, May 03, 2016 --(PR.com
)-- New Day Underwriting Managers LLC, a leading specialty intermediary of high-quality environmental and construction-related professional liability insurance, recently announced the results of its 2016 Market Update highlighting the latest trends and predictions within today’s environmental and construction-related professional liability marketplace. The detailed industry report navigates the competitive insurance landscape to help construction professionals and owners find optimal risk management solutions, overcome challenges and make informed decisions in this highly-specialized field.
The 2016 Market Update explores specific trends and details for environmental and construction-related professional liability coverages in the areas of Architects & Engineers (A&E) Professional Liability, Contractor’s Professional Liability (CPrL), Owners Protective Professional (OPP), Pollution Legal Liability (PLL), Contractor’s Pollution Liability (CPL), General Liability/Pollution Legal Liability (CGL/PLL) and General Liability/Contractor’s Pollution Liability/Professional Liability (GL/CPL/PL). This includes marketplace updates; rate, capacity and claims information; buying motivators; and underwriting and coverage updates.
“Over the next six to 12 months, widespread opportunities will become available for agents, brokers and providers looking to fill the void left by AIG’s exit from the PLL marketplace,” says Jefferey S. Lejfer, CEO at New Day Underwriting Managers. “With the non-renewal of hundreds of millions in premiums, mature carriers will fill this void, however, while many markets are expected to offer competitive pricing, that may come with tighter terms, conditions and limits due to the lack of information. The report was specifically developed to help our business partners identify the optimal construction-related and environmental liability solutions as insurance against unforeseen problems and catastrophes.”
“The 2016 Market Update provides the insights needed to make educated risk management decisions in this specialty market,” adds Jeff Slivka, New Day’s President. “It breaks down each insurance product by category, offering detailed status and purchasing information based on the collective knowledge of our team of experts. This report was developed to help industry professionals navigate the competitive insurance market and clearly define strategies for protecting against the risks that can potentially financially cripple businesses.”
The annual recap is separated into several product types defining the status and expectations for each. For instance, it explores the Architects & Engineers (A&E) marketplace and the commensurate amount of third-party professional liability claims directed toward these firms, who are assuming higher levels of risk as the responsibility of projects increasingly shifts from developers. Also profiled is the Contractor’s Professional Liability (CPrL) marketplace and its continued expansion with new domestic and foreign carriers offering “coverages that have never been broader” and “premiums that have never been lower.” Additional expert observations highlight the:
--Increased market interest for Owners Protective Professional (OPP) given its cost-effective approach for insuring owners/developers against catastrophic loss
--Evolution of Pollution Legal Liability (PLL) with policies tailored to accommodate specific business classes including M&A, real estate portfolios and one-off property transactions
--Plentiful availability of Contractor’s Pollution Liability (CPL) coverages with the addition of policy enhancements, supplementary coverages and soft, competitive premiums
--Increased numbers of buyers of CGL/PLL due to the advantages of combining these coverages to protect against unique exposures such as microbial induced corrosion (MIC) as well as the growing regulatory requirements associated with the handling of hazardous materials
--“Positive and dynamic marketplace” surrounding GL/CPL/PL coverages, especially for contactors seeking to contain costs through the use of and project excess endorsements in lieu of increasing overall limits on corporate policies
To view the entire 2016 Market Update from New Day Underwriting Managers please visit http://newdayunderwriting.com/site/wp-content/uploads/2016/03/2016_MarketUpdate.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.