Setting the bar for delivering industry-leading service to brokers nationwide differentiates the industry’s 5-Star Construction carriers from their competitors. IBA’s awardees for 2023 have proven their capabilities by offering unique field models, superior customer service, and franchise value.
Brokers’ analysis revealed that the top aspects of cover when placing construction insurance policies are commercial general liability, umbrella policy, builder’s risk or course of construction, and workers’ compensation. The report shows that 77% of brokers see their construction insurance volume increasing this year.
Industry experts also highlighted the importance of leveraging an integrated global approach, utilizing a special complex construction team, and offering diverse coverage.
Selective Insurance, one of the winners, recorded 81% of its total net premiums written from commercial lines. The company has demonstrated its ability to offer standard commercial insurance in 30 states and effectively served the needs of tens of thousands of general, heavy, and trade contractors.
“Coverage is table stakes to compete and be successful in this industry,” said James Albi, Selective Insurance’s assistant vice president. “Insurance companies differentiate themselves through their relationships with brokers and customers, expertise, and value-added risk management services.”