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Insurers are expected to seek high single-digit increases in their general liability coverage this year, says a report issued by Lockton Cos. Inc. on the construction and design market outlook on Wednesday.
“Exposures in Florida, tough construction defect jurisdictions, residential (including multifamily) risks and street and road contractors are among the segments that have driven additional need for rate,” the report says.
Among other lines, workers compensation rates are expected to remain somewhat stable this year, the report said.
The report said, “Excess rate increases are less extreme, but still in the flat to +15% range. Rates continue to be impacted by large losses from construction defects, wildfires, (environmental, social and governance) concerns and pro-plaintiff labor laws.”
Projects with difficult exposures, such as condominiums, stick frame apartments and hotels, still account for a disproportionate share of primary and excess liability rate increases, which is illustrated by “very rare” access to more than $10 million layers of capacity in the excess market, the report says.
It states also that broader coverage terms are becoming more readily available, depending upon factors including the type of project, the contractor’s safety program, quality assurance and control, and loss experience.