Whether you are a commercial or residential contractor, or are preforming four-wall projects or engineering construction like bridges and tunnels, Chubb offers the specialized solutions, financial capacity, and underwriting flexibility to meet your builders risk insurance needs.
Builders Risk Coverage Highlights
Benefits
- Superior flexibility
- Capacity in a variety of positions
- Ability to customize solutions to meet individual client needs
- Portfolio of green endorsements
- Lead terms/coverage forms/follow form available, based on underwriting review
- Highly experienced underwriters with more than 20 years average experience
Coverage
- Individual Project Builders Risk and Master Programs
- DIC for construction projects on a selected basis
- Coverage form offers both physical damage and delay in opening
- Various optional coverages based on the client’s needs
- Coverage to meet specific needs of the project and/or account
- International Builders Risk Insurance for U.S. domestic based clients
- Capacity in a variety of positions, including primary, full limit, quota share, buffer and excess layer
- Portfolio of green endorsements
- Contract penalty coverage as a result of a covered physical damage loss
- Coverage form offers both physical damage and delay in opening
- Loss control and engineering services available on both a bundled and unbundled basis
Target Clients
- Contractor, developer, owner or homebuilder with active construction program and strong property preservation management approach looking for an underwriter with specialized expertise in Builders Risk.
- Oil & Gas, Power Generation and Heavy Chemicals — your regional Builders Risk underwriter will refer these risk classes to Starr Technical Risks Agency, Inc., the sole Chubb facility for underwriting property coverage for any energy risk. This coverage is provided on Chubb paper.
Submission Requirements
- Application to include: project description, statement of values, locations, limits and coverage requirements.
- In addition to application, details on delay in opening coverage requirements (breakdown of soft costs, pro-forma and period of indemnity for loss of rental income and loss of business income)
Related Services
Builders’ Risk at Chubb Designed for general contractors, developers, and owners with ongoing construction needs, coverage can be tailored to meet project specifc requirements. Chubb’s appetite is broad enough to include all sizes of risks from large complex engineering-related civil construction, such as bridges, tunnels, water treatment facilities and dams to standard four wall commercial and residential exposures. With considerable capacity for projects, and signifcant critical catastrophic capacity for food, earthquake, and named windstorm, Chubb can craft a Policy to meet your clients’ needs. For smaller projects, Producers can access Chubb’s interactive underwriting system, u•writer: Builders’ Risk, which enables agents to submit, rate, quote, bind, issue, and service Builders’ Risk policies online.
Coverage
- Individual Project Builders’ Risk and Master Programs
- Physical Damage, Testing, and Delay in Opening coverages are available
- International Builders’ Risk for U.S./ Canadian based clients, including local policies where needed • Phased Structure endorsement for projects containing multiple buildings with varying start and completion dates
- Contract Penalty coverage available as a result of a covered physical damage loss
- 100% placements and quota share lead terms, as well as the ability to provide quota share coverage with our follow form; terms are based on underwriting review and client needs
- Various optional coverages and endorsements based on client need, including coverage for loss to existing property during renovations and Green Endorsements
- DIC for construction projects on a selected basis
Advantages & Benefits
- A large team of Builder’s Risk underwriters, with local representation in nearly 40 branches in North America – providing for local, firsthand knowledge for small, medium, and large complex risks
- Service-oriented account coordination and handling by highly experienced, construction underwriters with the ability to handle time sensitive bids and builds
- Signifcant capacity, including critical catastrophe capacity for perils such as earthquake, food, and named wind storms
- Coverage can be crafted to meet the specifc needs of the project and/or account
- Backed by the fnancial strength of Chubb, which has consistently received among the highest ratings for fnancial strength from the industry’s principal rating agencies
- Flexibility to provide capacity in an excess or quota-share position on individual projects and to provide master program solutions for clients with ongoing construction needs who are looking for consistency in coverage, pricing, and a carrier partner for their Builders’ Risk needs.
- Ability to provide master program solutions for clients with ongoing construction needs who are looking for consistency in coverage and pricing.
Builders Risk – Risk Engineering Services
- Experienced loss control and engineering specialists available to act as a resource to risk managers to assess risk, analyze productivity, and develop solutions for improvement
- Consultative approach to loss prevention and mitigation
- Engineering evaluations and construction risk management services for builders’ risk and engineered risk accounts
Claims
- Chubb has a demonstrated experience in the Construction industry with a dedication to Claims Service.
- Dedicated and experienced claims personnel to handle construction losses.
- Network of leading attorneys.
u•writer
Builders’ Risk This interactive underwriting system enables agents to quickly and conveniently submit, rate, quote, bind, issue and service smaller projects online.
With u•writer: Builders’ Risk, you can provide faster, better service to clients by:
- Pre-qualifying risks and generating quotations with deductible options
- Accessing saved quotes for new and existing risks
- Binding insurance; once quoted, subject to system approval
- Arranging for endorsements or cancellations of existing policies
- Printing or e-mailing quote letters, binders and client invoices
- Accessing specimen Builders’ Risk contracts and marketing materials
- Receiving producer policies within 72 hours of binding (or overnight via Chubb Commercial PaperFree)
u•writer:
- Builders’ Risk products are available for both commercial and residential builders.
- Commercial Project Builders’ Risk provides protection for contractors who build standalone commercial buildings such as high rise ofce buildings, retail stores, water and wastewater treatment plants, schools, and low-to-moderate hazard industrial facilities.
- Residential Project Builders’ Risk provides protection for residential contractors or developers building single family dwelling.
Contacts:
Mark Gadaire,
SVP Inland Marine, Major Accounts
212.703.7010
mark.gadaire@chubb.com