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Writer's pictureMAREJ
Jul 2, 2015

New Day Underwriting Mgrs. releases Market Update 2015


Hamilton, NJ — New Day Underwriting Managers LLC, a specialty intermediary of high-quality environmental and construction-related professional liability insurance, recently introduced the results of its 2015 Market Update highlighting trends and predictions for today’s environmental and construction-related professional liability insurance marketplace. Celebrating its 10th anniversary, New Day unveiled the annual recap as its latest tool for helping agents, brokers and clients navigate the changing construction marketplace with optimal risk management solutions. The 2015 Market Update explores specific trends and details for environmental and construction-related professional liability coverages in the areas of General Liability/Pollution Legal Liability, Architects & Engineers (A&E) Professional Liability, Contractor’s Professional Liability (CPrL), Owners Protective Professional (OPP), Contractor’s Pollution Liability (CPL), General Liability/Contractor’s Pollution Liability/Professional Liability and Pollution Legal Liability (PLL). This includes state-of-the-market descriptions, policy analyses, pricing, changes and leading influencers such as “the realities of national and world events, natural disasters and the lightening-quick advancement of technology.”For instance, the 2015 Market Update section on Professional Liability notes the CPrL market’s continual expanse with supplemental coverages such as crisis management, disaster response, Building Information Modeling (BIM) and corporate reputation coverages. This includes a rising claim frequency rate with carriers reporting as much as a 20% increase over the previous year. Also foreseen are ever-increasing owner requests and a heightened dependence on technology that places “a higher demand on the standard of care, which only increases the value of the professional liability insurance products.” “Our goal is to solve client challenges and lead the market with the insight and knowledge necessary to overcome both foreseeable and unforeseen construction industry risks,” said Jefferey Lejfer, president and CEO at New Day Underwriting Managers. “The standard design-build period has nearly vanished. In its place are converging talents, relationships and responsibilities that are constantly opening the door to new exposures. This report highlights our efforts to educate customers and fill their risk management needs for the highest quality resources available today.”“This is a dedicated product prepared by an organization that has not only successfully supported this niche for 10 years, but is backed by the expertise of professionals, who have serviced or worked within the environmental and construction arena for decades,” adds Jeff Slivka, New Day’s chief operating officer and executive vice president.

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