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Endeavour Insurance Services is launching a subcontractor deductible buyback program for large construction wraps.
A release confirmed that the new program, which reduces costs for general contractors while protecting the financial interests of subcontractors, was especially designed to support local US businesses. It will be distributed through Endeavour’s local US partner via an online web portal built specifically for the program.
The policy features follow-form wording, and will pay the difference between the deductible of the wrap and the insured’s retention – subject to a maximum amount payable.
“We were approached by a large group of subcontractors working on a large infrastructure project,” explained Endeavour Insurance Services divisional director David Price said. “They were faced with a sizeable deductible on the main wrap programme for which they were responsible and, therefore, under the contract, they wouldn’t get paid until all claims against them regarding the deductible had been settled.”
To address those needs, Price said that Endeavour set out to create a product that would reduce the deductible down to a manageable amount for subcontractors while protecting their profit margin.
“It is a completely digital solution, with all documents processed electronically.”
The program is Endeavour’s latest initiative in tackling “complex, uncovered areas of risk.” The company also hopes to improve the speed and efficiency of placing business in the London Market.
