RT Specialty’s CPrL Policy Purchase Benchmarks

RT Specialty’s Environmental and Construction Professional Practice (RT ECP) recently analyzed its Contractor’s Professional Liability (CPrL) book of business during 2020-2021 to determine the limits of liability purchased by specialty trade and general contractors nationwide. The results were designed to serve as a helpful resource for the agents and brokers currently working with clients to protect the financial interests and success of their businesses and projects.
“This analysis provides a thumbnail comparison of the limits of liability purchased by contractors across the country through our 2021 book of business,” says Jeff Slivka, president of RT ECP. “As expected, it revealed that many of these customers, especially those operating within the $250million to $1 billion annual revenue range, bought policies that would potentially not be enough to cover the many combinations of costly challenges and delays that commonly occur on project sites. This is especially true for contractors, who work within design-build delivery systems and assume the associated design risks, errors and omissions as essential operational responsibilities.”
Contractors Professional Liability (CPrL) is designed to help cover the damages arising from the professional service acts, errors, and omissions performed by or on behalf of any construction firm. The RT ECP benchmarking report identifies its book of contracting customers working within the $1 million to $5 billion revenue range. The results show the average limit of liability on these CPrL policies as about $12 million and the highest limit of $175 million for companies operating with $5 billion in annual revenues or more.
“There’s been a large uptick in claims for contractors working within the habitational real estate, institutional, healthcare and hospitality marketplaces,” adds Slivka. “The problem is that the limits of liability on their CPrL policies could easily be exhausted by extreme claims or even the costly errors and omissions associated with multiple projects during the course of a single year. As a result, agents and brokers should work closely with their contracting clients to determine the ideal limits of liability based on the project’s complexity, potential challenges, and delivery method. This analysis was designed to aid with this process, while also helping them to develop competitive risk management solutions.”
For more information on this analysis or RT ECP, please visit https://rtspecialty.com/product/environmental-construction-professional-liability/ or 609-298-3516.
About RT Environmental & Construction Professional
RT Environmental and Construction Professional (RT ECP) is a part of the RT Specialty division of RSG Specialty, LLC, a Delaware limited liability company based in Illinois. RSG Specialty, LLC, is a subsidiary of Ryan Specialty, LLC. RT ECP provides wholesale insurance brokerage and other services to agents and brokers. 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: RSG Specialty Insurance Services, LLC (License # 0G97516). © 2022 Ryan Specialty, LLC

Events
will be held January 26th, 2023, Noon to 4 PM EST with Atlanta locals in person and rest of country virtual via Zoom.

Read more BELOW

 
January 26th, 2023
The 13th Annual Hybrid Summit will be held on January 26th, 2023 Noon to 4 PM EST.

Virtual Women in Construction: Building Connections was held on December 14th, 2022, 1 PM to 2 PM EST via a Zoom. 2023 Virtual Women in Construction TBD.

2023 Virtual Men’s Round Tables

2023 Men’s Round Table #1 will be held Q1, 2023


2023 Virtual Women’s Round Tables

2023 Women’s Round Table #1 will be held Q2, 2023

News

Hotel construction shows signs of life

Hotel construction, which has declined for the past two years. showed a slight increase at the end of the year, STR reports. Luxury and upscale hotels in Dallas, New York and Phoenix have the largest percentage increases in construction. Lodging  

Spplements/Podcast
See Website for Details