While the general softening of the property-casualty market has spilled over to contractors liability to a degree, plenty of legal concerns and uncertainties remain for those working on residential risks. As a result, although prices are falling, carriers are generally holding the line on coverage terms, those who specialize in this sector say.
"There has been some softening in the residential construction market, but probably not as much as you would see in some of the less complex classes of business," said Paul Jansen, co-founder of Jansen & Hastings Intermediaries, a managing general agency that specializes in construction/residential contractor business.
Mr. Jansen said the West Coast has softened more than anywhere else because that has been the region with the most historical problems–particularly with respect to legal issues. Since markets elsewhere were not as hard as the West Coast, softening in those regions has been less pronounced.
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