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Our lead underwriter for international construction and engineering, Phil Hancock throws a spotlight on US wood frame construction risks in this article for Insurance Day
“The North American wood frame construction insurance sector is a markedly different landscape from a few years ago and achieving equitable solutions for all parties can be a challenge.”
Wood frame construction continues to be perhaps the most common method of building domestic habitation structures in North America, but whilst construction using this material continues apace, placing these risks in both the London and domestic markets has been increasingly challenging, even with specialist insurers who often either decline outright or limit capacity offerings.
Wood frame construction presents an elevated fire risk but also can attract large losses through escape of water during construction, some recent high-profile losses as well as a hardening of terms across the wider construction market have led to difficulty in placing wood frame construction risks, as well as an increase in rates in 2021.
In this article for Insurance Day, Phil Hancock delves into the complexities of the wood frame construction market and summarises some of the keys to underwriting success.
To read the full article in Insurance Day, click here (subscription required)
Can we help you with your International Construction and Engineering risks? If so, please contact Phil to chat through your requirements.
T: 07939 270828