The long-enduring buyer's insurance market has finally turned into a "seller's market," resulting in higher premiums, restricted coverage and the reduced availability of high limits. Contractors who have renewed their insurance recently might consider this an understatement. They faced shocking rate increases, particularly in the area of "umbrella" liability and, in most cases, general liability. Increases can be expected on renewals through July of this year. And some types of insurance, such as design-build professional liability, will remain very difficult—if not impossible—to obtain. What Happened? The current scenario is a replay of what happened in 1976, when falling premiums, rising losses and increasing inflation caused the insurance industry to sharply withdraw from the market. In 1975 and 76, the industry
