Berkshire Hathaway Specialty Insurance (BHSI) is working to expand its presence in the construction insurance space with a new liability product for tract homebuilders.
The Homebuilders liability insurance product is designed to provide flexible protection with coverage for bodily injury and property damage, personal and advertising injury, and a specialized coverage to address construction defects and completed operations.
The latter is particularly helpful to homebuilders, said Katie Beck, assistant vice president of construction casualty with BHSI.
“Our construction defect coverage enables a homebuilder to proactively make repairs and provide the high level of customer service needed to protect both its balance sheet and reputation,” Beck said.
The policy can be customized with self-insured retentions tailored to individual operations and wrap up options with up to $15 million in limits available. Insureds also have access to the loss control and claims services of BHSI’s construction specialists.
Bill Sullivan, construction casualty head and vice president with BHSI, said the new product represents a strong command of the market for BHSI as well as a much-needed product for homebuilders.
“With this new policy, BHSI is providing homebuilders with access to much needed capacity, backed by stellar financial strength,” Sullivan said in a statement. “Our proprietary homebuilders form is the latest manifestation of our commitment to the construction industry – a commitment embodied by our deep, in-house construction expertise and the steady stream of new products we are creating for this important sector.”
The new product comes after BHSI’s introduction of a contractor’s pollution and professional liability coverage earlier this year. The firm also underwrites construction casualty, builder’s risk and contract surety.
BHSI provides commercial property, casualty, healthcare professional liability, executive and professional lines, surety, travel, programs and homeowners insurance. It is currently the ninth largest carrier in the excess and surplus lines space, having moved up the ranks with an impressive 48% gain in market share.
