Insurance group bolsters builders risk coverage

A prominent property/casualty company is enhancing its builders risk insurance offerings of various construction needs.

Construction & Engineering

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Independent agents working with construction clients have access to new builders risk coverage options through The Hanover Insurance Group.

The Massachusetts-based carrier announced this week it is enhancing its coverage forms to offer more flexible and comprehensive coverage options to meet the needs of construction businesses. The forms can be used for various industry needs, including single properties, blanket policies, new construction and renovations.

The Hanover also employs a marine claims staff, which provides risk management and loss control services for construction clients.

The announcement comes as the US construction continues to improve after a deep recession.

Total US construction starts for 2015 are estimated to rise to $612 billion – an increase of % over the last year, according to the 2015 Dodge Construction Outlook. That’s compared to a 5% increase in 2014 to $564 billion.

“With an improving economy comes renewed commercial and residential building activity, creating tremendous opportunity for our agents and a great solution for construction firms,” said Paul Butler, president of marine insurance at The Hanover. “Hanover Builders Risk is designed to help our independent agents serve the unique needs of construction businesses with a combination of specialized underwriting expertise, customizable options and responsive support.

“This enhanced product is the result of our company working closely with construction businesses and agents to develop a single coverage form that makes the complexities of a builder’s insurance risks easy to understand and customize.”
 
 

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