Matthew Farbman, property and casualty brokerage manager for wholesale-broker Jimcor Agencies, calls the builders' risk insurance line of business “damaged,” as many developers have been unable to get construction loans given the uncertain state of the economy.
With banks holding back and stimulus dollars drying up, one area of ongoing opportunity is renovation and expansion work, both on the commercial and residential side. Coverage on these types of projects, Farbman says, usually involves a builder's risk policy and an endorsement for the renovation.
But the number of these renovation projects are “not even a drop in the bucket” compared to the two or three policies a day the firm was writing prior to the 2008 economic collapse, Farbman says.
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