New Day Underwriting Managers Hosts Online Forum Exploring PLL Marketplace Trends, Challenges & Opportunities
Industry Experts Provide Insights Into the “PLL Marketplace...The Disruption Continues”
Hamilton, NJ, June 07, 2016 --(PR.com)-- New Day Underwriting Managers LLC, the leading specialty intermediary of environmental and construction-related professional liability insurance coverage, continued its analysis of Pollution Legal Liability (PLL) coverage trends with the hosting of the one-hour webinar titled “PLL Marketplace...The Disruption Continues.” Held May 24, the one-hour session highlighted the insights of insurance experts exploring the latest environmental challenges, surprises and opportunities impacted by recent market changes.
“Since its infancy, PLL has facilitated real estate transactions, helped satisfy financial responsibility requirements and effectively managed corporate environmental risks,” says John J. Heft, Senior Vice President, Director–Real Estate Practice of New Day. “Today, PLL coverage capacities are at an all-time high, readily available and broader than ever even with the recent market disruptions. This includes the continued development of new policy forms and changing appetites in a maturing environment. Explored in the forum were new industry developments and the numerous challenges and opportunities surrounding today’s marketplace. ”
Moderated by Heft, the webinar included panelists Mark Brown, Senior Vice President of Crum & Forster; Greg Dunn, Vice President Environmental of Beazley USA; William McElroy, Global Head – Environmental, Aspen Insurance Group; and Jon Peeples, Vice President of Tokio Marine Insurance.
Throughout the Q&A format, each industry leader gave their expert opinions on topics ranging from the types of issues underwriters are seeing in the PLL marketplace to the impact of recent market changes on other coverage forms. All agreed on the “large uptick of real estate submissions” especially within the residential, commercial, oil, gas, manufacturing and chemicals industries. This is caused by AIG’s exit from PLL in the U.S. and Canada, and the accompanying request for “standard terms that used to be optional.” All of which were considered “positive developments of $150 million of business flowing into the marketplace.”
Among the challenges cited by the panelists were the difficulties in retrieving the historic information necessary for “understanding the picture of risk” for long-term policies coming up for renewal. Under consideration were the “development accounts that have not yet been developed” and the “large risk businesses associated with longer-type commitments.”
As for the methods by which markets are addressing the increased flow of submissions, the panelists highlighted a system that now centers on underwriters qualifying leads and opportunities based on relationships and repeat business. This is then supported by providers, who are now playing a more active role in helping brokers to understand “what’s covered in quotes and where coverages apply.”
The session closed with all agreeing that “newer opportunities are opening the door to more appetites” with more companies “shifting from generalists to more specific approaches.”
To view the “PLL Marketplace...The Disruption Continues” webinar in its entirely please visit https://attendee.gotowebinar.com/recording/5115236330677383682.
For more about New Day Underwriting Managers products and services please visit www.newdayunderwriting.com or call 609.298.3516.
About New Day Underwriting Managers LLC
New Day Underwriting Managers LLC is a specialty resource for agents and brokers, assisting them and their clients find appropriate, high-quality environmental and construction-related professional liability insurance coverages. The company offers agents and brokers single-point access to an ample portfolio of products and services provided by the nation's largest environmental and professional liability insurance providers. Additional company information can be found at www.newdayunderwriting.com.
“Since its infancy, PLL has facilitated real estate transactions, helped satisfy financial responsibility requirements and effectively managed corporate environmental risks,” says John J. Heft, Senior Vice President, Director–Real Estate Practice of New Day. “Today, PLL coverage capacities are at an all-time high, readily available and broader than ever even with the recent market disruptions. This includes the continued development of new policy forms and changing appetites in a maturing environment. Explored in the forum were new industry developments and the numerous challenges and opportunities surrounding today’s marketplace. ”
Moderated by Heft, the webinar included panelists Mark Brown, Senior Vice President of Crum & Forster; Greg Dunn, Vice President Environmental of Beazley USA; William McElroy, Global Head – Environmental, Aspen Insurance Group; and Jon Peeples, Vice President of Tokio Marine Insurance.
Throughout the Q&A format, each industry leader gave their expert opinions on topics ranging from the types of issues underwriters are seeing in the PLL marketplace to the impact of recent market changes on other coverage forms. All agreed on the “large uptick of real estate submissions” especially within the residential, commercial, oil, gas, manufacturing and chemicals industries. This is caused by AIG’s exit from PLL in the U.S. and Canada, and the accompanying request for “standard terms that used to be optional.” All of which were considered “positive developments of $150 million of business flowing into the marketplace.”
Among the challenges cited by the panelists were the difficulties in retrieving the historic information necessary for “understanding the picture of risk” for long-term policies coming up for renewal. Under consideration were the “development accounts that have not yet been developed” and the “large risk businesses associated with longer-type commitments.”
As for the methods by which markets are addressing the increased flow of submissions, the panelists highlighted a system that now centers on underwriters qualifying leads and opportunities based on relationships and repeat business. This is then supported by providers, who are now playing a more active role in helping brokers to understand “what’s covered in quotes and where coverages apply.”
The session closed with all agreeing that “newer opportunities are opening the door to more appetites” with more companies “shifting from generalists to more specific approaches.”
To view the “PLL Marketplace...The Disruption Continues” webinar in its entirely please visit https://attendee.gotowebinar.com/recording/5115236330677383682.
For more about New Day Underwriting Managers products and services please visit www.newdayunderwriting.com or call 609.298.3516.
About New Day Underwriting Managers LLC
New Day Underwriting Managers LLC is a specialty resource for agents and brokers, assisting them and their clients find appropriate, high-quality environmental and construction-related professional liability insurance coverages. The company offers agents and brokers single-point access to an ample portfolio of products and services provided by the nation's largest environmental and professional liability insurance providers. Additional company information can be found at www.newdayunderwriting.com.
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New Day Underwriting Managers
William Chelak
732-541-2971
www.newdayunderwriting.com
William Chelak
732-541-2971
www.newdayunderwriting.com
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