Maritime Expands Builders Risk Program

PRODUCT: Builders risk

COMPANY: Maritime Program Group writing on behalf of North American Specialty, an admitted carrier, and North American Capacity, a non-admitted carrier. Both are Swiss Re Corporate Solutions companies.

BEST RATING: Both carriers hold an A+ (Superior) rating.

AVAILABILITY: Coverage is available through appointed agents and brokers.

FOCUS: Maritime Program Group, the product underwriter for Swiss Re Corporate Solutions, has expanded its builders risk program limit from $15 million to $100 million.

“We are differentiated by having 100% Swiss Re capacity, not a number of various syndicates or insurance companies on a line slip behind our policy,” says Christine Santiago, vice president of inland marine at Maritime. “Swiss Re has a very broad appetite for this business and has an all-in-house capacity large enough to handle any size risk.”

This product allows Maritime to provide capacity for larger projects inclusive of natural catastrophes across the U.S. Builders risk projects are usually complex, but through Maritime, Swiss Re Corporate Solutions has worldwide builders risk experience that can benefit brokers and agents when writing coverage. “We can offer guidance to an agent or broker who may not be as familiar with the product, thereby assisting them in discussing the coverage more proficiently with their client,” Santiago says, adding that Maritime can turn a policy out within 48 hours.

Maritime’s network of appointed brokers, which is composed of mostly independent retail agents and selected wholesale brokers, distributes the builders risk policy nationally. “Go to our website and fill out an application, and you’ll hear back from us within 24 hours,” Santiago says.

UNDERWRITING: Maximum $100 million. Equipment breakdown and ordinance of law included. Expediting expenses, contractors extra expense, civil authority and ingress/egress can all be endorsed onto the policy. Maximum term is 36 months. Term policies and pro rata extensions are available. Maritime can offer 100% of the risk, or utilize the capacity in quota share participation with other carriers in a lead or follow position. The company can also offer natural catastrophe capacity including California earthquake; high hazard flood, with limited coastal flood and surge potential; and named storm.

Maritime uses the American Association of Insurance Services coverage forms for projects less than $15 million, including frame and joisted masonry. For projects greater than $15 million, Maritime uses the Swiss Re completed value coverage forms for noncombustible or better construction.

MINIMUM PREMIUM: $500.

TARGET: Santiago says that in addition to Maritime’s current dwelling book, the firm is adding standard four-wall construction, including residential, office, retail, municipality, schools, medical, light manufacturing and warehousing course-of-construction projects. Maritime also will consider low-hazard civil engineering projects such as roads, small bridges and elevated highways; cut and cover utility work; and wastewater treatment facilities.

COVERAGE TERRITORY: All U.S. states.

CONTACT: Christine Santiago, vice president of inland marine; Maritime Program Group, 520 White Plains Road, Suite 500, Tarrytown, NY 10591; 860-399-2852.

Ronimarie Acord is an IA contributor.