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Soft costs and rents

Related to builders risk insurance, these are the necessary expenses that are incurred because a building project is delayed as the result of a covered property loss. Included are expenses such as increases in architectural fees, loss of rents because the project completion date is later than planned, or increased interest expense.

Soft fraud

is considered an opportunistic fraud. Soft fraud occurs when a policyholder exaggerates an otherwise legitimate claim or when an individual applies for an insurance policy and lies about certain conditions or circumstances to lower the policy’s premium. For example the padding of a legitimate claim with items that weren’t really damaged or injuries that were not sustained.

Soft market

UK: A market in which there is a ready supply of insurance. Competition among insurers drives premium rates down and terms and conditions ease as insureds find themselves able to negotiate better terms.
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A term given to a condition in which insurance is relatively inexpensive and easy to obtain. Underwriting is looser and rates are competitive.
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US: One side of the market cycle that is characterized by low rates, high limits, flexible contracts, and high availability of coverage.
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When the availability of some or all classes of insurance or reinsurances is high relative to demand for such insurance or reinsurance. Competition amongst insurers and reinsurers leads to downward pressure on premiums and to the availability of more extensive coverage terms. Compare hard market.