Managing risk is a crucial part of any construction project and the challenge for construction firms will be to find affordable, comprehensive insurance during a hard insurance market. (Photo: ALM Archives)
Following a tumultuous year sorting through the fallout from the COVID-19 pandemic and a significant number of natural disasters, property and casualty (P&C) insurers stand to gain a boost from President Joe Biden's proposed $2 trillion infrastructure plan.
While the scope of the proposal is expected to change as it moves through Congress, its anticipated large investments will be made to modernize the nation's highways, rebuild bridges, and upgrade ports and airports, along with other critical infrastructure needs. As presented, Biden's plan includes $157 billion for road, bridge, airport, port, and waterway improvements.
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