Insurance companies are no longer running away from the wrecking ball. At least not on buildings of 3 story or less. That is due to the fact explosives are not use in these type operations therefore the risk is less. There are main stream companies now entering this market who previously shied away from these risks.
Because more main stream competitors are entering the market, rates are decreasing and competition is increasing. Traditionally, these operations are less risky as previously thought, but companies have become aware this has been a long under-served market and have developed specialty products and rates placing them under their “program markets” allowing agents to address the industry’s special needs and access a company’s expertise. If you have questions regarding your insurance, please talk with your agent or one of ours.
Commercial Insurance.Net, LLC Advisor is not an attorney, accountant or certified financial planner and makes no representations or warranties to that effect. Always check with your chosen professional as to statements made in this blog for your particular situation.