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New Day Places Coverage With Few Alternatives to Incumbents

New Day’s broker partner provided New Day authorization to work on this renewal business with incumbent carriers as well as other markets.  The insured has a very complex ownership structure and provides a variety of traditional construction/excavation as well as environmental services.  On this account there were few competitive alternatives to the incumbent carriers for Contractor’s Pollution Liability (CPL) and Contractor’s Professional Liability (CPrL).   New Day was able to move the PL into a combined CPrL/CPL that reduced the total cost to the insured and added the following coverages:

  • A $10,000,000 aggregate on the program allowing  greater flexibility in the use of limits rather than the $5,000,000 aggregates under the previous programs.
  • The protective coverage for damages the insured incurs as a result of negligent acts, errors or omissions of design professional under contract to the insured.
  • Mitigation of a pollution loss to prevent an otherwise pollution liability claim.
  • Increased the transportation pollution coverage from $1,000,000 to $10,000,000.
  • Added coverage for economic damages – the driver of professional liability insurance.  The incumbent’s s program did not offer this coverage.
  • Removed various exclusionary language that were on the incumbent’s program – safety exclusions, bodily injury, cost estimating, and delays in construction.

Even with all the above enhancements, the combined Contractor’s Protective Professional Indemnity (CPPI)/CPL is $16,000 less than the separate CPrL and CPL programs from the incumbent carriers.

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