Hamilton, NJ, April 08, 2020 --(PR.com
)-- RT Specialty, LLC’s Environmental and Construction Professional (RT ECP) Practice has released its annual Market Update highlighting the trends and challenges confronting the complex commercial insurance marketplace as well as the finer coverage nuances to help agents, brokers and their clients minimize the financial impact of environmental and construction-related professional liability.
Representing the collective knowledge of RT ECP’s industry experts and specialists, the 2020 Market Update explores the terms and conditions surrounding the latest Contractors Pollution Liability (CPL), Pollution Legal Liability (PLL), General Liability/Pollution Legal Liability (GL/PLL), General Liability/Contractors Pollution Liability/Professional Liability (GL/CPL/PL), Architects & Engineers Professional Liability (A&E PL), Contractors Professional Liability (CPrL), Owners Protective Professional Indemnity (OPPI) and Real Estate Developers (RED) Professional Liability policy forms.
“For the past 13 years, our team has gathered the collective expertise and knowledge of our in-house staff of professionals to define the state of the environmental and construction-related professional liability insurance marketplace,” says Jeff Slivka, President, RT ECP. “This includes providing our customers and industry at-large with the details necessary to make informed purchasing decisions based on specific market trends and the best-possible solutions given each unique circumstance or situation.”
The 2020 Market Update details the latest updates on rates, capacity and claims information, buying motivators, and underwriting forecasts surrounding each product. RT ECP found the following with regards to specific products:
-- CPL coverage types are readily available with significant discounts and products broadened to cover microbial matter and other “pollutants” like silt / sedimentation, silica, and naturally occurring substances. PLL claims increased in 2019 due mostly to microbial matter (both mold and bacteria) exposures afflicting the habitational, hospitality, healthcare and education industries. Over 80% of these claims on RT ECP’s book involved clean-up, business interruption and restoration costs.
-- A&E PL market conditions are expected to remain favorable for most purchasers, although more stringent for firms specializing in structural and geotechnical engineering, design-build construction practices, and the design work for large, multi-faceted projects like multi-unit apartments, condominiums and residential subdivisions.
-- The abundance of CPrL providers have created a competitive marketplace with enhancements that now include true Faulty Workmanship and increased defense fund coverage forms.
One area that has yet to be determined involves communicable diseases and more specifically, COVID-19. Right now there is a mix of coverage – some carriers already apply such exclusions while others provide affirmative coverage for virus or viral matter in their definition of pollution conditions. However, that may all change. In the next 30 days, carriers will determine if they’ll continue down the same path or move in a different direction. Unfortunately, until then numerous questions continue to be asked.
To view the entire 2020 Market Update please click here
or feel free to reach the company directly at newday.rtspecialty.com or 609-298-3516 for more details.
About R-T Specialty, LLC
RT Specialty, LLC’s Environmental and Construction Professional (RT ECP) Practice is a division of R-T Specialty, LLC. RT ECP (newday.rtspecialty.com) is a specialty resource for insurance agents and brokers with expertise in environmental insurance, environmental risk management and construction related professional liability. RT ECP 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. As a wholesale broker, RT ECP does not solicit insurance from the public. Some products may only be available in certain states, and some products may only be available from surplus lines insurers. In California: R-T Specialty Insurance Services, LLC License #0G97516. For more information please visit www.RTSpecialty.com or call 609-298-3516. © 2020 Ryan Specialty Group, LLC.