Source: http://www.ibamag.com, October 12, 2015
A prominent insurance company is now offering project-specific endorsements for sophisticated participants in the US construction market.
The new endorsements from Ironshore Specialty Casualty’s construction unit are available for wrap (OCIP and CCIP), project specific and owner’s interest developments, providing coverage options for project owners, general contractors, joint venture entities and real estate developers.
The enhancement options, called Owner’s Interest Integrated Coverage Endorsement, offer primary limits of up to $2 million per occurrence and $4 million on an aggregate basis. It is underwritten on the standard ISO general liability policy form, and can be expanded to include coverage for extended completed operations.
According to a company statement, the endorsement has been specifically developed to provide project owners with residual coverage related to a project in excess of other available policies from any contractor or subcontractor.
The policy language has been crafted in response to the district risk exposures faced by project owners, and sets Ironshore’s global construction industry practice as the standard for the construction insurance sector, says Ben Beauvais, executive vice president of casualty and construction.
“Ironshore’s attention in developing reliable coverage solutions for the specialty construction sector is reflected in our own carefully worded policy language that defines exactly what is protected with regard to complex project risks,” Beauvais said.
The construction unit of the insurer continues to grow. Five months earlier, Ironshore announced it would raise capacity limits for builder’s risk products to $50 million – an increase from the current $35 million limit.
Ironshore Global Property underwrites coverages on complex, commercial risks against physical loss or damage to property on a first party basis, addressing US domestic and global exposures throughout the insurer’s platform.