Eugene B. Podokshik Featured on Panel Discussing Insurance for Contractors
Eugene B. Podokshik, Principal and CEO of First Fidelity Brokerage, participated on a panel to discuss “The Insurance Market for Construction and Development in 2013 and Beyond.” The event was sponsored by the Hellenic-American Chamber of Commerce;nearly 100 construction executives and allied professionals attended.
Podokshik pointed out that the cyclical insurance market for the construction industry is hardening and small and medium size companies will see increases primarily driven by state labor laws which permit owners to pass along liability to the general contractor who in turn can then hold the subcontractor responsible for work-related injuries. The general contractors are requiring provisions that the subcontractors can’t exclude their employees from coverage. Podokshik also noted that issuers of umbrella policies are requiring higher underlying limits and the pricing for this insurance is “going through the roof.”
Joining Podokshik on the panel were: Jason Samuel, Farell Fritz P.C.; Robert T. Riccobono, Rockville Risk Management Associates; and moderator Anthony Kammas, Skyline Risk Management, Inc.