Agile Underwriting (Agile), a Lloyd’s coverholder, continues to broaden its product range by launching construction insurance a month after releasing two new accident & health (A&H) policies.
Last month, Agile released “Individual Personal Accident & Sickness” and “Bill Cover” to help its broker partners address their customers’ needs, while reducing friction costs.
Now, Agile has entered the construction market in Australia, initially offering Construction All Risk (CAR, also known as contractors all risk or contract works) and Erection All Risk (EAR) material damage policies. It has partnered with the Munich Re Syndicate at Lloyd’s to offer stable, strong capacity, and a dependable claims services.
CAR provides comprehensive cover for construction, building, and civil engineering projects. Meanwhile, EAR covers the installation and erection of complex machinery and plant, including during testing and commissioning.
Simon Garske, a chartered civil engineer, will lead the new construction department at Agile. He has worked as an engineer and underwriter in Sydney and internationally in Germany, France, the UK, the USA, and Canada. As a result, he gained practical construction knowledge; project management experience; and a comprehensive understanding of insurance covers, construction contracts, and claims management.
“We’ll consider a wide range of project types and industries, focusing initially on single projects and then annuals as we grow the portfolio. We’ll also consider co-lines,” Garske said.
Agile’s construction underwriting team will work collaboratively with brokers to help them understand their clients’ projects and find the best solution for insurable risks. It will also develop other products to benefit the industry.
“We can adapt our cover to suit their needs. Agile will partner with brokers and their clients in risk management for construction projects, large and small,” Garske said.
Agile’s construction offerings will initially be available to brokers by contacting the construction team, but will eventually also be offered through Powered by Agile, the company’s online platform.
Speaking about the online platform, Garske said: “The platform automates simple, transactional business, empowering brokers to quote and bind business under $3,000 in two minutes. It’s straight-through, frictionless processing, so brokers can focus on providing advice for more complex risks.”