It’s not just labor and materials costs that are rising! With the recent spate of arson attacks in the United States, insurance companies in the frame habitational space have been heavily impacted and are changing their appetite for these placements. Our summary below provides a Wrap Up and Builders Risk market update reflecting these market changes for 2019. This report addresses the pricing trends on frame projects in metropolitan areas, as well as the actual arson claims that are impacting the market. As many are aware, fire claims not only impact Builders Risk insurance but they also affect areas beyond the project site such as neighboring buildings and the general public. This extension of damage will typically result in Wrap Up liability claims.
As you begun budgeting for your 2019 projects and beyond, this report will help prepare you for what is to come in the insurance market as well as how to mitigate your insurance costs. Please reach out to your Woodruff Sawyer contact for any further questions.
Please reach out to your Woodruff Sawyer contact for any further questions.