RT Specialty Surveys Book of Business to Identify Leading Causes of Construction-related Claims
Hamilton, NJ, July 19, 2022 --(PR.com)-- The Environmental and Construction Professional Practice (RT ECP) of RT Specialty recently surveyed its Contractor’s Professional Liability (CPrL) book of business to determine the leading cause of claims from 2020 to 2021. The review revealed that the majority of CPrL claims on their book were reported on habitational projects followed by the educational, healthcare, hospitality, and municipal marketplaces. These claims were most often related to a variety of construction management, safety, hazardous waste and engineering issues.
“The detailed review of our CPrL book of business over the past two years revealed the industries we are seeing suffer the vast number of claims and the varied causes behind them,” says Jeff Slivka, president of RT ECP. “The goal was to help identify the latest industry trends and then supply our broker and agent customers as well as their clients with information to assist in developing appropriate risk management strategies. These details have never been more important given that the industry is still recovering from the recent pandemic, while also dealing with typical challenges that can plague any construction site and create delays and financial hardships.”
Many CPrL coverage forms have expanded broadly over the years to cover the damages arising from the acts, errors, and omissions in professional services performed by or on behalf of any construction firm. In 2020 and 2021, RT ECP’s book of business revealed 27% of claims within the habitational real estate marketplace. This was followed by educational projects at 11%, healthcare at 10%, hospitality at 9% and municipalities at 9%. The leading causes of these claims were related to a variety of construction management (35%), engineering services/subcontracted errors (18%), safety (15%) and environmental hazards/indoor air quality/lead paint/asbestos (10%) issues.
According to Slivka, other significant industry trends surround the timely and meticulous reporting of claims. “The over reporting of claims is, in most instances, no longer a negative. That’s why the reporting of errors related to any professional service can be a logical first step in maximizing CPrL insurance benefits. As a result, insureds should always be especially diligent and mindful of the reporting conditions mandated by insurance carriers. This is because even minor reporting errors can prove costly, if not financially crippling.”
For more information on this analysis or RT ECP, please visit https://rtspecialty.com/product/environmental-construction-professional-liability/ or 609-298-3516.
About RT Environmental & Construction Professional
RT Environmental and Construction Professional (RT ECP) is a part of the RT Specialty division of RSG Specialty, LLC, a Delaware limited liability company based in Illinois. RSG Specialty, LLC, is a subsidiary of Ryan Specialty Group, LLC. RT ECP provides wholesale insurance brokerage and other services to agents and brokers. RT ECP does not solicit insurance from the public. Some products may only be available in certain states, and some products may only be available from surplus lines insurers. In California: RSG Specialty Insurance Services, LLC (License # 0G97516).
For more information, please visit rtspecialty.com or call 609-298-3516.
“The detailed review of our CPrL book of business over the past two years revealed the industries we are seeing suffer the vast number of claims and the varied causes behind them,” says Jeff Slivka, president of RT ECP. “The goal was to help identify the latest industry trends and then supply our broker and agent customers as well as their clients with information to assist in developing appropriate risk management strategies. These details have never been more important given that the industry is still recovering from the recent pandemic, while also dealing with typical challenges that can plague any construction site and create delays and financial hardships.”
Many CPrL coverage forms have expanded broadly over the years to cover the damages arising from the acts, errors, and omissions in professional services performed by or on behalf of any construction firm. In 2020 and 2021, RT ECP’s book of business revealed 27% of claims within the habitational real estate marketplace. This was followed by educational projects at 11%, healthcare at 10%, hospitality at 9% and municipalities at 9%. The leading causes of these claims were related to a variety of construction management (35%), engineering services/subcontracted errors (18%), safety (15%) and environmental hazards/indoor air quality/lead paint/asbestos (10%) issues.
According to Slivka, other significant industry trends surround the timely and meticulous reporting of claims. “The over reporting of claims is, in most instances, no longer a negative. That’s why the reporting of errors related to any professional service can be a logical first step in maximizing CPrL insurance benefits. As a result, insureds should always be especially diligent and mindful of the reporting conditions mandated by insurance carriers. This is because even minor reporting errors can prove costly, if not financially crippling.”
For more information on this analysis or RT ECP, please visit https://rtspecialty.com/product/environmental-construction-professional-liability/ or 609-298-3516.
About RT Environmental & Construction Professional
RT Environmental and Construction Professional (RT ECP) is a part of the RT Specialty division of RSG Specialty, LLC, a Delaware limited liability company based in Illinois. RSG Specialty, LLC, is a subsidiary of Ryan Specialty Group, LLC. RT ECP provides wholesale insurance brokerage and other services to agents and brokers. RT ECP does not solicit insurance from the public. Some products may only be available in certain states, and some products may only be available from surplus lines insurers. In California: RSG Specialty Insurance Services, LLC (License # 0G97516).
For more information, please visit rtspecialty.com or call 609-298-3516.
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RT Environmental & Construction Professional Practice
Sheryl Barr
609-528-3884
Sheryl Barr
609-528-3884
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