The latest survey of hundreds of insurance brokerages serving the construction industry offers fresh insights on the lines of insurance their clients are buying, the limits and deductibles.
While the data fit our general expectations, there were several aspects to the data that surprised us.
- There was significant variability in contractor size between specialty areas.
- Excess liability limits increased significantly compared to last year.
- Excess liability rates and premiums increased moderately to dramatically, depending on the class of contractor.
- Contractor’s equipment limits were lower than we expected. While the highway/underground category had the greatest values, even those values seemed relatively modest.
- The percentage of firms purchasing contractor’s professional liability increased compared to our last survey.
- The percentage of firms purchasing environmental impairment liability coverage was higher than in our last survey.
- There was substantial variability between segments in the purchase of directors and officers liability (D&O) and cyber coverage.
- The incidence of subcontractor default coverage increased compared to last year.
- The incidence of owners and contractors protective policies increased compared to last year.
Get a summary of the report by clicking here.
Download the full report by filling out the form below.
2023 Construction Industry Insurance Benchmark Report
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