Experience has become a critical underwriting factor for insurers deciding whether or not to extend liability coverage to contractors taking part of the Gulf Coast rebuilding effort, as well as how much to charge, players in the market warn.
Contactors liability coverage appears to be available, for the most part, to experienced parties, according to a wholesale broker in the region.
However, a bevy of start-up contractors doing business in the area present new challenges to insurers–which, on the one hand, want to make sure a lack of coverage does not hinder the rebuilding effort, while at the same time maintaining the kind of underwriting standards necessary to run profitable insurance businesses.
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