Construction contractors and owners are having trouble procuring adequate insurance coverage for wood framing projects- especially Builder’s Risk. Excessive losses and limited visibility into project controls to manage moisture, theft, and fire has resulted in many carriers exiting the market and further tightening a hard market. With timber costing 3x more than last year, housing pricing increasing, and construction fires being reported daily – the risks have greatly increased.
There is a lack of transparency in how contractors are managing and brokers are presenting this risk to the market. When contractors can demonstrate adequate controls are in place to manage this risk, they can differentiate themselves from the entire overall market and receive the necessary coverage. MGAs and brokers are provided with a technology platform that allows them to place more premiums.
RTRS has developed a focused, mobile-first Wood Framing application that provides a way for contractors to manage these risks and provide transparency to insurance underwriters to ensure that these risks are constantly managed. By demonstrating tighter controls, contractors are aligned with the insurance industry and can receive coverage at competitive rates.