Efforts to Solve Liability Insurance Problem Continue
Results from NAHB’s most recent “Critical Issues Survey” (this link is accessible to members only)identified fast-rising costs and diminishing availability of general liability insurance (GLI) as the top concern of the association’s membership. That concern, however, has led only a small number of builders to participate in the GLI data-gathering initiative, according to NAHB’s senior leadership.
In partnership with Marsh, the global risk management firm, NAHB attempted to gather insurance data from builders in order to provide a more accurate picture of the residential construction industry’s loss experience.
Five months into that project, however, NAHB and Marsh had collected only 10% of the 4,000 survey responses from builder members that were needed.
Despite the low survey response rate, NAHB is continuing its efforts to solve the GLI problem, according to Kent Conine, the association’s immediate past president and chair of the GLI Task Force.