HAMILTON, N.J., Dec. 24, 2015 /PRNewswire/ -- Jeff Slivka, president at New Day Underwriting Managers LLC, a leading specialty resource firm, recently explored the latest contractors professional and pollution liability insurance trends at the 35th IRMI Construction Risk Conference held November in Las Vegas, Nevada. This included outlining today's coverage, claims and first-party liability issues and challenges with more than 500 insurance agents, brokers, attorneys, underwriters and executives responsible for managing and insuring construction project risks.
"Insurance products that protect contractors against professional and environmental liability continue to evolve in tandem with the ever-changing and expanding project delivery methods offered throughout the construction marketplace," says Slivka. "In the past two years, we have seen significant expansion of the marketplace along with advancements in contractors professional liability products such as the first party rectification or mitigation coverage offered under contractors professional liability insurance policy forms, as an example."
"The risks are real and so are the claims. All major carriers have concurred, professional liability claims are on the rise, both in frequency and severity."
Held November 9th at Caesar's Palace, Slivka's "Market Update" reviewed the recent trends and developments surrounding newly identified exposures and the latest forms, advancements and supplemental coverages surrounding the Contractors Pollution Liability (CPL), Pollution Legal Liability (PLL), Contractors Professional Liability (CPrL) and Owners Protective Professional (OPP) marketplace. Among these were the:
- Developments in Contractors Pollution Liability for the construction industry and Pollution Legal Liability for all types of property owners and industries
- Types of professional liability claims that carriers are experiencing resulting from professional services performed by contractors
- Difference between first-party rectification, mitigation and protective coverages offered by the marketplace, which includes design error restitution for errors in professional services performed by or on behalf of construction firms
The 35th Annual IRMI Construction Risk Conference hosted more than 1,500 professionals attending 45 presentations offered by 60 nationally recognized insurance, risk management, safety, and surety experts. As a regular presenter at IRMI, Construction Financial Management Association (CFMA) and Associated General Contractors events, Slivka has dedicated his career to helping construction insurance industry leaders better understand and manage environmental and/or professional liability risks.
For more information on New Day Underwriting Managers, please call 609 298-3516 or visit www.newdayunderwriting.com.
SOURCE New Day Underwriting Managers LLC