QBE North America has announced a new integrated marine product called, The Solution for Builder's Risk, which is a comprehensive policy offering coverage tailored specifically for construction projects.
Construction projects are known to be complex and multi‑faceted with little or no room for error and this new product is intended to help mitigate this. The product offers coverage for bespoke risk, which may include loss of income, delay penalties, business personal property, waterborne property, utility service breakdown, inflation protection and equipment breakdown and has a capacity of up to USD 250 million.
The construction industry remains one of the most challenging markets in which to anticipate and cover risk. There are generally two main categories of construction insurance: property and liability. Property insurance covers the construction and engineering contract works and materials and liability insurance provides cover for claims by third parties in respect of personal injury including to employees, damage caused to property and the liability of architects, engineers and surveyors. There is a range of other types of insurance available, including for delay in works. In addition, contractors may have professional liability insurance. Different insurance markets specialise in providing each different type of insurance and, as a result, the insurance cover provided is often not integrated.
The aim of QBE's new product is to provide an integrated cover for all types of risk. QBE's inland marine underwriters will write the business on a monoline basis and will help create bespoke programs for all types of projects. The underwriters will be supported by the in‑house claims adjusters with the business being underwritten through QBE‑appointed producers in retail and wholesale distribution channels.