Related Links: Contractor-Controlled Wrap-Up Insurance Plans Gain Popularity The construction recession is killing off numerous smaller companies and surety losses are growing, said insurers at the International Risk Management Institute's construction conference in San Diego. But bigger, better-managed companies continue to win jobs and the surety losses overall will be manageable.At the same time, say risk managers, brokers and insurers at the conference, the never-ending legal wrangling over scope of coverage has led lawmakers in four states to attempt to assure that construction defects are covered under contractor liability insurance. As a result, a few insurers reportedly are steering clear
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.