Bill Pritchard, president of Beacon Hill Associates—a wholesale broker specializing exclusively in environmental-insurance solutions for commercial insureds—discusses emerging risks in this space, pricing and the new business opportunities presented by standard contractors.
Beacon Hill grew 23 percent last year and 12.5 percent the year before. What accounts for this sort of impressive expansion in a still rather stagnant economy?
We have grown a lot in a lousy economy. There are just a whole lot of Environmental exposures—and there always have been—but contractors that in the past had decided not to worry about them are being pushed from above, their clients, to get coverage now. And what agents really need to understand is that this growing demand isn't coming from the traditional buyers of this type of insurance—waste-treatment plants, landfills, recyclers. It's coming from that construction contractor who needs Environmental for a road job or the electrical contractor doing work on a cell tower. Agents need to look at their book of business and talk to their standard contractors—there are a lot of opportunities.
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