VALHALLA, N.Y. (April 6, 2015)—To address ongoing inconsistencies in pricing, deductibles and terms and conditions offered to middle market owners and contractors, USI Insurance Service has launched a Builder’s Risk Program that provides broader coverage for all project types and sizes, and establishes stable capacity for frame and renovation projects, including catastrophic perils.
This competitively-priced program is a better 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 lower premiums by eliminating budget markups and empowers the client with 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.
“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. At USI, we have developed a custom-built program that creates market competition and enables the negotiation of extensive coverage that better matches our client’s project exposures," said Robert Meyers, USI’s senior vice president of property and casualty.
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