As the federal construction stimulus gets going, buyers will rely on their insurance pros to write policies that cover new and emerging risks. In some cases, these insurance buyers may not yet fully understand the new risks they face.

To meet these challenges, agents and brokers must get up to speed on the types of projects being funded and their roles in helping clients manage risk. They will need to be broadly knowledgeable about multiple industry entities, including contractors, construction companies, design/engineering firms, project owners, developers and residential builders.

While many of their clients' needs will fall into traditional areas of property, builders' risk and equipment coverage, some stimulus projects will require more complex covers. Agents and brokers also will need to be aware of relevant industry trends. They also should become familiar with the construction work that is likely to be taking place in their states and regions. Five main things provide clients with the most appropriate coverage and cement roles as trusted advisors: The need for speed; meeting bid deadlines Limits still subject to cost-cutting pressures Green construction Often and early: The expanding role of risk management The growth of public-private partnerships States and municipalities are eager to access the stimulus funds as quickly as possible through “shovel-ready” projects. Many of these involve maintenance and repair rather than new initiatives. Construction companies and contractors are first in line to receive work. Developers, engineers, designers and others are expected to follow.