Highland Insurance Solutions – a Tokio Marine Kiln subsidiary – has deployed a new contractors’ equipment product.
The product is designed to offer comprehensive coverage, as well as the convenience of scheduled or blanket reporting coverage, a release said.
Features of the contractors’ equipment coverage include:
- Up to $10 million loss limits
- $5,000 minimum premium
- No co-insurance penalties
- Automatic replacement cost coverage on equipment five years or newer
- Blanket loss payee language built into form for fast certificate issuance
The coverage’s target classes include: general contractors, street and road crews (including batch plants) oil and gas servicing, bridge builders, demolition, open pit and above ground mining, recycling crews, water and sewer cut and cover crews, land development, and pipelines.
“We’re excited to expand our capabilities,” commented Highland Insurance Solutions president of construction Rick Girden.
Girden added that Highland’s policy form is easy to understand, and that it is backed by the same underwriting expertise and customer service that the company’s broker partners have come to know and expect.
Highland Insurance Solutions originally launched a builders risk program in 2015; since then, the managing general agent has enhanced its offerings, and has pulled in annual written premiums of over $100 million.