USI Insurance Services has launched a new builder’s risk program that provides broader coverage for all project types and sizes, with capacity for frame and renovation projects, including catastrophic perils.
This is designed to be an alternative for owners and contractors who rely on their own property program, which typically has limited capacity and control over claims related to construction activities. Underwritten by Allianz and ACE Group, the USI Builder’s Risk Program can eliminate budget markups and give clients the ability to negotiate the appropriate terms and conditions to meet contractual and lender compliance.
In addition, the program accelerates the response time during the bidding process and reduces costs on the value of the project through an expedited claim recovery process.
Robert Meyers, USI’s senior vice president of property & casualty, said: “Middle market clients frequently rely on standard builder’s risk coverages when developing a new property or renovating an existing location. This is their path of least resistance, however, inadequate coverage terms and property transfer problems at completion often create unforeseen costs and delays.”
Meyers continued that USI’s program market competition and enables the negotiation of extensive coverage to better matches client’s project exposures.
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