General Contractor/Construction Manager Quadruples Coverage for Only Double the Premium

A prominent General Contractor/Construction Manager recently took advantage of the availability of limits and the overall soft market. The expiring limits were $2 million/$2 million for Professional/ Pollution coverage. Considering the number of projects and the type of work done – as well as some previous claims activity – the decision was made to increase their limits.
The policy was renewed for $10 million/$10 million with the incumbent carrier, who now provides the catastrophic coverage that was lacking previously. The premium nearly doubled but for a four-fold increase in coverage! This demonstrates the following:

  • The availability of limit in the market
  • The softness of the pricing
  • The realization of a general contractor/construction manager to get truly catastrophic coverage
  • An idea of the pricing scale with the addition of more limits

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