While experts now indicate the economy is very slowly picking back up, deep problems in the construction industry will take many years to correct, heightening concerns among insurers, especially from the builders-risk perspective.
Empty homes, vacant buildings and unfinished construction projects are still common. Projects continue to stall due to insufficient financing, or they remain on builders risk after completion because of lagging sales or the inability to lease space.
For insurance professionals, underwriting such accounts is increasingly complex as we juggle all the moving parts—from the financial and market variables to ensuring the correct checks and balances are in place to minimize as much risk as possible. In today's climate, what seems like a straightforward builders-risk policy can quickly become a costly exposure.
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