I specialize in writing RGC’s and GC’s and the cost of coverage increases quarterly this ruling will accelerate the rate of increases.
I do not see this ruling as a victory for the any party involved. The general contractors premium will definitely go up and coverage will be restricted to a hand full of carriers. The individual purchasing the building will pay more. The individual leasing / selling products from that establishment will have to charge more.
Please clear up one thing, who is the victor? I think it will be the lawyers filing suits.
Will this ruling cause market restriction and possible rate increases? Probably. Is that bad per se? No, unless one thinks that coverage simply should not be available.
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How can they say this is victory?
Insurance for contractors is very difficult to place. Insurance companies who traditionally wrote this class have left it altogether.
More companies will move out of the class as a result of the ruling. Rates will escalate, coveragee will be scarce.
I don’t know what the solution is, but this is not a victory for contractors or subcontractors.
I specialize in writing RGC’s and GC’s and the cost of coverage increases quarterly this ruling will accelerate the rate of increases.
I do not see this ruling as a victory for the any party involved. The general contractors premium will definitely go up and coverage will be restricted to a hand full of carriers. The individual purchasing the building will pay more. The individual leasing / selling products from that establishment will have to charge more.
Please clear up one thing, who is the victor? I think it will be the lawyers filing suits.
Will this ruling cause market restriction and possible rate increases? Probably. Is that bad per se? No, unless one thinks that coverage simply should not be available.