March 10, 2016 by Canadian Underwriter
Mid-sized construction firms in the United States and Canada now have access to certain Chubb insurance products and services that were previously only available to large national and international construction companies, notes a company statement issued Thursday.
The products will be handled through Chubb’s expanded Construction Industry Practice, the statement notes, pointing out that the decision to offer the products and services to mid-sized companies “follows double-digit growth in construction spending last year.”
Chubb cites figures from the American Institute of Architects, which reports building construction spending was up more than 16% through November 2015 compared to the same period in 2014. Growth levels for both 2016 and 2017 are forecast to be “healthy”, the institute adds.
“Admitted and non-admitted insurance products now available to the middle-market construction industry include primary casualty, commercial umbrella liability, environmental risk, international casualty, contractors professional liability, contract surety, contractor’s equipment, inland marine and aerospace, as well as excess and surplus products such as specialty casualty construction and inland marine,” notes Chubb, the world’s largest publicly traded property and casualty insurer, with operations in 54 countries.
“All products may not be available in all states or for all classes,” the statement points out. “Surplus lines products are available only through licensed surplus lines producers,” it adds.
“Now, agents and brokers can offer a thoughtful, tailored and scalable platform from Chubb for their middle-market construction clients,” says Alex Wells, Chubb’s executive vice president of Specialty & Construction.
Chubb reports tailored coverages will be offered to a broad range of construction businesses, including general contractors, trade contractors, specialty contractors, environmental contractors, commercial renewable energy contractors (solar, wind and biofuel), wrap-ups, general liability-only projects, construction managers, design and design/build professionals, architects and engineers, and other construction project-specific firms.