As more insurers compete for less construction business, project owners and general contractors can find ample Builder's Risk insurance at reduced or stable rates for projects that are not exposed to catastrophes, market executives say.
Insurers will even underwrite catastrophe-exposed projects—although buyers face significantly higher rates from the E&S market, which writes that riskier business.
“It's a good time to be a buyer of Builder's Risk insurance,” says Allen Westmoreland, vice president of risk management at Atlanta-based Hardin Construction Co. Hardin focuses on commercial, higher-education and hotel construction in the Southeast and Southwest. “Pricing is off the bottom from a few years ago by a couple of points, but it's still very reasonable.”
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