Insurance carriers serving the building industry have been badly burned in recent years by the proliferation of construction defect lawsuits. As a result, liability insurance for real estate developers is less readily available, extremely expensive, and more restrictive in scope. Carriers have withdrawn or scaled back activities in lawsuit-friendly jurisdictions like California and Florida and both wholesale and retail insurance brokers have been left without options for clients seeking new and affordable products.
StructuredRisk™ offers an innovative solution to the insurance industry for this seemingly intractable problem. By reverse engineering the litigation process, the professionals at StructuredRisk™ help developers minimize the risk of litigation by assisting them in the implementation of best practices in construction contracting and real-time construction management. A real estate developer that has been pre-certified by StructuredRisk™ is a developer that can better manage its projects and will be less vulnerable to litigation claims. From the point of view of the insurance carrier, a developer certified by StructuredRisk™ is a better risk and a desirable potential client.
StructuredRisk™ offers unparalleled opportunities to partners in the insurance industry that are able to offer affordable new insurance coverage products based on participation by insureds in the StructuredRisk™ program. Because StructuredRisk™ utilizes local legal expertise in all 50 states, these products can be nationwide in scope. StructuredRisk™ offers a win/win solution for the building industry and its service providers only the plaintiffs bar is left out in the cold.