Agent & Broker News

RT Specialty’s Book of Business Provides Inside Look into CPrL Policy Purchase Benchmarks


RT Specialty’s Environmental and Construction Professional Practice (RT ECP) recently analyzed its Contractor’s Professional Liability (CPrL) book of business during 2020-2021 to determine the limits of liability purchased by specialty trade and general contractors nationwide. The results were designed to serve as a helpful resource for the agents and brokers currently working with clients to protect the financial interests and success of their businesses and projects.

“This analysis provides a thumbnail comparison of the limits of liability purchased by contractors across the country through our 2021 book of business,” says Jeff Slivka, president of RT ECP. “As expected, it revealed that many of these customers, especially those operating within the $250million to $1 billion annual revenue range, bought policies that would potentially not be enough to cover the many combinations of costly challenges and delays that commonly occur on project sites. This is especially true for contractors, who work within design-build delivery systems and assume the associated design risks, errors and omissions as essential operational responsibilities.”

Contractors Professional Liability (CPrL) is designed to help cover the damages arising from the professional service acts, errors, and omissions performed by or on behalf of any construction firm. The RT ECP benchmarking report identifies its book of contracting customers working within the $1 million to $5 billion revenue range. The results show the average limit of liability on these CPrL policies as about $12 million and the highest limit of $175 million for companies operating with $5 billion in annual revenues or more.

“There’s been a large uptick in claims for contractors working within the habitational real estate, institutional, healthcare and hospitality marketplaces,” adds Slivka. “The problem is that the limits of liability on their CPrL policies could easily be exhausted by extreme claims or even the costly errors and omissions associated with multiple projects during the course of a single year. As a result, agents and brokers should work closely with their contracting clients to determine the ideal limits of liability based on the project’s complexity, potential challenges, and delivery method. This analysis was designed to aid with this process, while also helping them to develop competitive risk management solutions.”  

For more information on this analysis or RT ECP, please visit or 609-298-3516. 

About RT Environmental & Construction Professional

RT Environmental and Construction Professional (RT ECP) is a part of the RT Specialty division of RSG Specialty, LLC, a Delaware limited liability company based in Illinois. RSG Specialty, LLC, is a subsidiary of Ryan Specialty, LLC. RT ECP provides wholesale insurance brokerage and other services to agents and brokers. RT ECP does not solicit insurance from the public. Some products may only be available in certain states, and some products may only be available from surplus lines insurers. In California: RSG Specialty Insurance Services, LLC (License # 0G97516). © 2022 Ryan Specialty, LLC

Share this Post:
Posted by IRL Editor


ad ad

Related articles

Patrick Rastiello joins Ardonagh Specialty to lead North America Reinsurance expansion

Ardonagh Specialty has appointed Patrick Rastiello as CEO* of its North American reinsurance operations.   Patrick will be responsible for building Ardonagh Specialty’s US reinsurance...

Global Markets Overview: February 2024

In this Global Markets Overview, we explore our global outlook and share what we think it means for 2024. As...


Risk Management Trailblazer Presented with RIMS Highest Honor for Lifetime Achievement in Risk Management  NEW YORK (February 13, 2024) – At the RIMS New Zealand and Pacific Island...

Insurer’s Lease More Than Doubles Its Chicago Office Space

Sompo International Plans Move to 46-Story Tower at 155 N. Wacker A global specialty insurance provider is more than doubling the size of its Chicago office in a move a few blocks north, bucking the trend...

Haynes and Boone, LLP is pleased to announce that Peter A. Halprin has joined the firm as a Partner

Haynes and Boone, LLP is pleased to welcome Insurance Recovery Partner Peter A. Halprin to the firm’s New York City office. A Chambers USA-ranked attorney, Peter joins from Pasich LLP, where...

LIO Specialty Launches Revolutionary Online Portal for Life Science Insurance Solutions

Leading the Excess and Surplus Lines Market with Innovative Coverage for Cannabis and Nutraceutical Industries  West Conshohocken, PA– LIO Specialty Insurance Company proudly announces the launch...