February 19, 2013

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Forty under 40

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February 19, 2013

With respect to the general liability, automobile liability lines, not so much of an increase. Insurance carriers are still wanting to get increases, but they’re not raising costs as much in the auto and general liability lines because they’ve had better results in those lines.

With respect to the surety industry, the capacity is still there. The carriers are strong. Particularly within the top 10 surety companies, there’s plenty of capacity. One of the things that the underwriters are going to be scrutinizing carefully for the generals is their selection of subcontractors. Where there have been claims, a lot of it has been related to subcontractor failures. They’ll work with you to pre-qualify subcontractors.

The bottom line is to work carefully with your broker and with your insurance underwriters to control your costs. With risk management, those costs can be controlled, but it takes a little extra effort to work with your broker.

TOLBOE: We’ve seen modest increases in liability insurance and workers’ comp insurance without claims. The biggest increase we’ve had is in healthcare. We’ve had 15, 17 percent with that group over the last year. And we don’t see any change in that. It seems like that is nicked up each year over the last five years or so.

Regarding super storm Sandy—Governor Cuomo asked for $42 billion in help, Governor Chris Christie is requesting $39 billion. Are we going feel the pinch on that, or are we such a big economy it’s not really going to hurt?

SNOW: Those catastrophic events, they definitely have an impact, but mostly in the property insurance sector, which affects builder’s risk. And the reinsurers, to the degree that they get punched in the gut because of this event, will trickle down and affect the cost of builder’s risk and property insurance. Going forward, we’ll feel that in years to come as the reinsurers recover from it.

We’d like to thank Rich Thorn, CEO and president of Associated General Contractors, for moderating the event.

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