How to Protect New Construction Projects
Investors and economists often discuss new construction or “housing starts” as an indicator of our overall economic health. And while we don’t disagree, we look at the recent growth in new construction as an indication of your potential economic health! Builder’s risk insurance is one of our fastest growing product lines here at Distinguished, which is no surprise after looking at the latest statics. For instance, here’s Forbes’ 2014 list of the US cities with the most new construction:
- Houston, TX
- New York, NY
- Dallas, TX
- Washington, D.C.
- Los Angeles, CA
- Chicago, IL
- Atlanta, GA
- Miami, FL
- Boston, MA
- Seattle/Tacoma/Bellevue, WA
According to the United States Census Bureau’s Metropolitan Statistical Areas, commercial construction projects in New York, N.Y. exceeded the $20 billion mark in 2014 alone. 1
Here’s Where You Come In
All of these projects need you. A well informed risk management professional can help builders understand the coverage needed for each and every project. Injuries, delays, vandalism… these are just a few of the risks that builders know all too well, but may not know are insurable. Providing the coverage to protect builders and their projects can be a simple and lucrative new specialization for your agency. And if recent construction statistics are any indication, it’s a specialization that could keep you rather busy!
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