August 10, 2016 by Canadian Underwriter
AIG Insurance Company of Canada (AIG Canada) has announced the launch of Smart Build, a risk management and mitigation service for residential construction projects with budgets of $5 million or more.
Calling it the first-of-its-kind program in Canada, the Canadian-based subsidiary of AIG said that the program is available to AIG Private Client Group clients who are “embarking on new residential construction or a significant home renovation project.” AIG Private Client Group’s team of risk managers will work closely with a client’s architect and builder to collaboratively mitigate the often-times costly risks associated with residential construction, AIG Canada said in a press release on Tuesday.
With water damage quickly becoming one of the most common causes of homeowner insurance claims in Canada, AIG’s program can help ensure preventative measures are taken to mitigate these losses. The service also seeks to minimize risks related to natural catastrophe, security, fire and life safety, and potential threats to fine art or other collections and luxury home vulnerabilities.
“Many homeowners who are building or reconstructing a home do not bring in their insurance company until after the project is complete, and unfortunately, we have seen that things often do go wrong,” said Autumn Kerr, manager of risk management services for AIG Private Client Group, in the release. “Smart Build allows AIG to work with the policyholders, their contractors, architects, and other building professionals in order to collaborate, make recommendations, and mitigate risks right from the projects inception.”
Smart Build was developed as the result of “AIG’s expertise in the field of custom and luxury home protection and the data analytics it has amassed from over a decade of onsite risk assessments to create insights into risk mitigation and the inherent financial consequences of construction errors.”
AIG Private Client Group, a division of the member companies of American International Group, Inc., offers complete insurance solutions for successful individuals and families. Broad coverage is specially designed to preserve high-value assets and personal liability. Protection is further augmented with services designed to minimize property damage and bolster family safety, the company said.