Chubb launches expanded construction industry practice, talks agriculture risks

The insurer is broadening its products and services while addressing agriculture-related pollution risks

Insurance News

By Lyle Adriano

Chubb announced late last week that it has launched expanded its construction industry practice to offer more insurance products and services to mid-sized construction firms. On the same day, the insurer also released a report detailing the risks involved in modern agriculture.

Through its expansion, Chubb is providing midsized construction firms products and services previously available only to larger national and international construction companies.

"By capitalizing on the strengths of the combined legacy ACE and Chubb organizations, our Construction Industry Practice will offer product and service innovation that capitalizes on Chubb's deep construction expertise," said Chubb Executive Vice President, Specialty & Construction Alex Wells. "Now, agents and brokers can offer a thoughtful, tailored and scalable platform from Chubb for their middle market construction clients.”

Admitted and non-admitted insurance products now available to the middle market construction industry include primary casualty, commercial umbrella liability, environmental risk, international casualty, contractors professional liability, contract surety, contractor's equipment, inland marine and aerospace, as well as excess and surplus products such as specialty casualty construction and inland marine. Builder's risk, which was previously available to midsized construction firms through legacy ACE and Chubb, will continue to be offered to these firms.

Tailored coverages will be offered to a broad range of construction businesses, including general contractors, trade contractors, specialty contractors, environmental contractors, commercial renewable energy contractors (solar, wind and biofuel), wrap-ups, general liability-only projects, construction managers, design and design/build professionals, architects and engineers, and other construction project-specific firms.

The insurer’s agricultural report, meanwhile, discusses the efficiency of fertilizers and other chemicals, and how they could pose a serious environmental risk. Chubb outlined that agricultural businesses must address a surge in the environmental liability risks the more they rely on chemicals for their crops.

"With increased consolidation and production – and the resulting reliance on fertilizers and other chemicals – the agricultural industry needs to be aware of current and under identified pollution exposures," said Chubb Environmental Senior Vice President Craig Richardson, who was one of the authors of the report.

"To reduce the threat of environmental risks and potential expensive remediation, companies should conduct a thorough risk assessment of their operations to identify any activities that might result in pollution incidents. They should also work with an insurer to assist them with understanding critical pollution risks and instituting a coverage program that can provide the appropriate pollution insurance while supporting the growing needs of the industry," Richardson added.

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