Some of the nation’s largest commercial property insurers have put moratoriums on issuing new insurance policies and renewing current ones due to fear of potential civil unrest resulting from a closely contested presidential election.
The multifamily sector has been most impacted, but other all sectors have been affected. The situation has been most acute in urban areas, including Chicago, New York, Portland, Ore., and Los Angeles.
Some insurance carriers haven’t pulled back from the market, but even a few lenders waiting things out to see what happens following the election is burdensome for larger projects. In the current climate, projects cannot secure builder's risk coverage from just one carrier and must instead use three or four carriers. That raises project costs.
Insurers that have instituted moratoriums say they will continue to put policy decisions on hold until at least after the election. If the election becomes a drawn-out, litigious affair, that may mean moratoriums could be extended for many weeks.
Related Stories
Codes and Standards | Dec 28, 2020
CSI and ASTM standards can now be connected through a central location
CROSSWALK web service accesses standards specific to projects from feasibility to turnover.
Codes and Standards | Dec 28, 2020
Dept. of Energy offers Better Buildings Field Validation Results Hub
One-stop-shop for information associated with technology validations in buildings.
Codes and Standards | Dec 28, 2020
2021 Defense Authorization Act includes mass timber provision
Directs defense, agriculture secretaries to review potential for wood frame construction on defense building projects.
Codes and Standards | Dec 28, 2020
New York City proposal would require rainwater detention tanks for new development
Rule would apply to projects on lots sized 20,000 sf or larger.
Codes and Standards | Dec 17, 2020
Energy efficiency as a service gaining ground as financing approach for adopting innovations
Building owners can invest in new technology with no upfront cost.
Codes and Standards | Dec 16, 2020
Resources available to address Legionella threat
Buildings reopened after extended pandemic closure are at risk.
Codes and Standards | Dec 16, 2020
New Specifications for Concrete Construction reference manual released
Scope expanded to include shotcrete, internal curing, mineral fillers, and recycled concrete aggregates.
Codes and Standards | Dec 15, 2020
Despite COVID-19 population flight, don’t write off big cities yet
Lure of urban life and jobs may draw people back after pandemic subsides.
Codes and Standards | Dec 10, 2020
Test method for vertical fenestration installation procedures updated
FGIA issues first update for document created in 2005.
Codes and Standards | Dec 10, 2020
Updated EPDs for Polyiso Roof and Wall Insulation; EPD for Polyiso High-Density Cover Boards published
Cover Boards EPD is an industry first.
