RT ECP: Published Articles

April 1, 2021

Businesses Adopt Climate Change Initiatives

Climate change has already begun to reshape the planet and the ways we live and conduct business. Unfortunately, many scientists project the negative effects will only get worse. The 1,300-member Intergovernmental Panel on Climate Change forecasts a temperature rise of 2.5 to 10 degrees Fahrenheit over the next century. According to the National Oceanic and […]

December 21, 2020

Address ‘Your Work’ Exposure Within CPrL Policies With Faulty Workmanship Coverage

New faulty workmanship coverage forms have emerged to potentially address the “your work” exposure found in most contractors professional liability (CPrL) policies. Once offered by only a single carrier, several insurers have recently entered the marketplace to cover the cost to repair or replace faulty work or the related material costs associated with the “self-performed […]

December 2, 2020

Changing CPrL Marketplace: Expectations for 2021

Although the market has stayed competitive with over 30 insurers offering some form of CPrL insurance, rates are nonetheless expected to rise (albeit modestly) by 2 to 5 percent for the first time in over 10 years. Increases likely will be most prevalent for contractors involved in higher professional risk delivery methods such as design/build […]

October 7, 2020

Field Decisions Gone Wrong: The Importance of Rectification Coverage

A temporary retaining wall was being constructed for on a new bridge in downtown Atlanta to retain excavated soil as a footing for the bridge pier. The plans specified the placement of retaining wall support beams one-third and two-thirds below the excavation. Everything was going well and ahead of schedule, so the young, inexperienced construction […]

September 24, 2020

Pollution Liability 2020: A Look at Industry Trends and Challenges

The year began with new trends in modular construction, robotics, 3D printing, and sustainability that are expected to reshape the construction marketplace with new efficiencies and cost-effective measures. Little did anyone know that a pandemic was already weaving its disastrous way through every phase of our society and economy. Predicted to experience a downturn in […]

September 14, 2020

Modular Design Trends, Challenges, and Increased Construction Liability Risks

Once again, the U.S. economy has hit a crossroads. Even before the current COVID-19 outbreak, the predictions for the coming year were mixed at best. On the one side, the Association of Equipment Managers (AEM) said that “Steady and solid growth is likely to continue for the construction sector. As the second-largest in the world (behind […]

July 10, 2020

Contractors Professional Liability in a COVID-19 Era

But it’s not all good news for an industry that was expected to experience a downturn even before the pandemic. In addition to the 4 percent drop in construction starts predicted by the 2020 Dodge Construction Outlook, other likely challenges surround the industry, including the ongoing shortage of skilled labor as well as the overall rise of […]

June 26, 2020

2020 Market Update: Construction Industry Trends and Challenges

Even before the coronavirus pandemic became a reality, the U.S. construction marketplace was expected to post only modest gains, while reshaping its 2020 business model through the ongoing reliance on technological advancements like 3D printing and robotics, design-build methodologies, sustainability and modular and prefabricated building solutions. These issues were addressed in RT Specialty, LLC’s Environmental […]

May 18, 2020

PFAS ‘forever chemicals’: The next asbestos for insurers?

Throughout the insurance industry, the nation and even world, the health risks and liabilities surrounding per- and polyfluoroalkyl substances (“PFAS”) are rising at a fever pitch. In use since the 1940s, PFAS consists of approximately 4,000 separate chemicals and compounds. They’ve been widely used in such products as non-stick cookware (Teflon), floor wax, fabrics, coatings, […]

April 3, 2020

Mitigating Design-Build Risks

Design-build has become a growing phenomenon within the commercial building industry. According to the Design Build Industry of  America (DBIA), “over half of owners have already or will use design-build in the next five years.” This represents approximately 44% of the construction spending expected to take place in the nonresidential, highway/street and water/ wastewater marketplace […]

April 2, 2020

Faulty Workmanship: An Evolving Oddity in Contractors Professional Liability Insurance

A new insurance coverage is emerging in the Contractors Professional Liability (CPrL) realm – and it’s not related to professional services.  While offered by one pioneering carrier for over five years, over the past 18 months a handful of carriers have joined to create a viable market for “faulty workmanship coverage” where it previously did […]

April 2, 2020

Faulty Workmanship Coverage: A New Insurance Solution for Trades who Self-Perform their Work

Risks confront every construction project, no matter the size or application. As a result, an increasing number of firms are now looking to protect themselves with Contractor’s Professional Liability (CPrL) policies that cover the damages arising from the covered negligent acts, errors and omissions related to the professional services performed by or on behalf of […]

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