The builders risk product eliminates gaps in coverage that may exist within the owner's corporate liability insurance program.
PRODUCT: Owners' Interest
COMPANIES: Rokstone Construction Risk Underwriters (Rokstone CRU) and Sutton National
BEST RATING: A-
AVAILABILITY: Appointed agents and brokers only.
FOCUS: Rokstone CRU specializes in casualty and builders risk insurance, with particular expertise in large complex construction projects. This new offering delivers brokers and their clients vital owners interest coverage in areas with very limited capacity.
Rokstone CRU's focus on technology, deep underwriting expertise and claims knowledge in this space results in comprehensive cover from knowledgeable underwriters with fast and efficient service.
“We are wholly focused on leveraging our knowledge and expertise to find solutions and deploy programs for large complex projects in response to strong broker and client demand," says Mike Simone, president of Rokstone CRU. “We are excited about our new partnership with Sutton Specialty Insurance and are pleased to have secured this valuable product for our clients."
COVERAGE DETAILS: The product eliminates gaps in coverage that may exist within the owner's corporate liability insurance program and provides additional excess limits to a contractor's general liability for a designated project.
The product offers comprehensive coverage terms, including extended completed operations coverage to the state statute. Minimum deductible is $10,000, and minimum construction value is $50 million. Project terms last one to five years. The product also includes contractual indemnification reviews to identify and quantify hazards and dedicated claims professionals.
UNDERWRITING: Each specific project is assessed by Rokstone CRU on a case-by-case basis. Minimum construction value is $50 million.
MINIMUM PREMIUM: $50 million
TARGET: Owners who have a deep understanding of managing a construction project and drafting strong contractual terms with general contractors.
COVERAGE AVAILABILITY: All U.S. states except New York.
COVERAGE TERRITORY: All U.S. states
CONTACT: Mike Simone, president of Rokstone CRU.
Will Jones is IA editor-in-chief.