I
have management oversite of all the larger or production homebuilders
underwritten by Zurich Construction in the US. The presence or lack of
3rd party forensic inspection companies such as Pacific Property Consultants
play a big part in the underwriting of residential exposures.
There are certain types of residential exposure - such as attached for sale housing west of Kansas - that we would not underwrite today with out 3rd party inspections of the construction and the architects plans. Pricing is impacted on lesser types of exposures such as single family detached housing in small projects or as in fill projects. Pricing swings of +/- 25 can happen based on the extent of the inspections or lack there of. Do we believe there is a value? - Most definitely yes.
Sincerely,
Mike Hopson
Vice President
Zurich N.A. Construction
There are certain types of residential exposure - such as attached for sale housing west of Kansas - that we would not underwrite today with out 3rd party inspections of the construction and the architects plans. Pricing is impacted on lesser types of exposures such as single family detached housing in small projects or as in fill projects. Pricing swings of +/- 25 can happen based on the extent of the inspections or lack there of. Do we believe there is a value? - Most definitely yes.
Sincerely,
Mike Hopson
Vice President
Zurich N.A. Construction
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