For Immediate Release

CONTRACTS AND RISING AWARENESS OF CONTRACTORS’ PROFESSIONAL LIABILITY EXPOSURE  GROWS DEMAND FOR COVERAGE, SAYS NEW DAY UNDERWRITING  

BORDENTOWN, NJ, March 5,  2007 – Contract requirements and rising awareness of professional liability exposures are driving the growing demand for contractors professional liability (CPrL) coverages, New Day Underwriting Managers Vice President Jeff Slivka told members of the Architecture/Engineers Professional Network (a/e ProNet) meeting in Scottsdale, Arizona this week. 

According to Mr. Slivka, “Contract requirements for CPrL are on the rise. More and more owners or general contractors are requiring CPrL coverage even if there are no professional services provided.” 

“Owners and GCs are becoming more aware of the professional liability exposures they face and that is what is driving the need for CPrL coverage as they try to transfer these risks with appropriate insurance coverage,” Mr. Slivka added.   

Mr. Slivka explained:  “Today, there are approximately 15 domestic and foreign carriers willing to offer various CPrL forms although with dramatically different risk appetites. One carrier may only offer CPrL to environmental firms while another only offers it to construction managers, design/build firms and other non-environmental construction firms.  Others may only be willing to take an excess position while most will offer terms on a primary basis.”

“With so many differences in risk appetite and coverage, it becomes increasingly difficult to navigate through the marketplace,” Mr. Slivka told a/e ProNet members in attendance.  “The professional liability marketplace in general is fighting its way back to profitability and while it has over the last few years, it looks like rates will continue to rise to maintain its current profitable position.”

 Member brokers of a/e ProNet are specialists in providing professional liability insurance for design professionals offering their clients an independent source of risk management advice and insurance for designers, environmental consultants, design/build operations, construction managers and special projects.

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. More information about the company is available on their website at www.newdayunderwriting.com.

###