Solutions for construction risks: Protecting contractors and owners through all project stages

Jackie Clark, AVP, Construction and Commercial Underwriting

At Excess Underwriting, we understand the complex nature of construction projects and the risk exposures that can occur before, during and after construction. Construction insurance protects construction companies, general contractors, and property owners from lawsuits, property loss, and other costly liabilities. Excess offers solutions including builder’s risk, wrap up liability, package policies for contractors and professional liability policies. Let’s take a closer look at our product offering for each of these areas:

Builder’s risk: Whether you are building from the ground up or completing renovations on an existing building, Excess has a solution for you! We offer insurance coverage for new construction and property that protects buildings that are under renovation or repair when the client’s existing policy would not cover these projects. Key features of this package include: property limits up to $5 million, outer buildings and contents limits available, vandalism and malicious mischief coverage, theft of building materials, soft costs and premise liability coverage.

Wrap-up liability: Wrap-up insurance is a liability policy that serves as an all-encompassing insurance that protects all contractors and subcontractors working on large projects. Excess offers this coverage on both an owner-controlled basis and a contractor-controlled basis. Key features of this package include: liability limits up to $25 million (can refer higher limits), project durations up to 36 months and completed operations periods up to 36 months.

Package policies for contractors: Trade and contractor professionals have unique needs. From carpentry to appliance repair to electrical work and basic installation exposures, our insurance solutions solve the issues that trades people face every day.  Projects come in different forms and your client’s exposure varies in complexity as their project evolves. At Excess, we have built a contractors insurance package that covers your business and the tools you need to get the job done. Key features of this package include: contractors mobile equipment (owned or rented), general liability limits up to $5 million, property, business interruption, crime, equipment breakdown, tools and equipment and installation floater coverages.

Professional liability: At Excess Underwriting, we understand that there is a lot that goes on behind the scenes of a construction project and our broad range of professional liability solutions have you covered! Errors & Omissions coverage is a form of liability insurance which protects insureds against claims from mistakes, errors, omissions, negligence and/or wrongful acts which may arise while rendering professional services to clients, resulting in financial loss/damages. Whether your client is a contractor, project manager, land surveyor, architect and engineer or even an interior designer we have the right product for you! Key features of this package include: limits up to $5 million, supplemental payments, mitigation of loss coverage (for contractors), defense costs in addition and first dollar defense costs (available for certain classes).

Special highlights: Excess offers the following additional coverages to help our brokers build the most comprehensive solution to their client:

• Broad form/Named perils
• Replacement cost/Actual cash value
• Sewer back up, flood, earthquake coverages available depending on the geographical area
• Three variations of property extension thrill packages

Construction risks present unique insurance challenges for everyone involved in a project. By partnering with Excess Underwriting, brokers can provide comprehensive insurance solutions tailored to the specific needs of their clients.

Interested in learning more about our customized construction policies?

Contact us to explore how we can partner with you to provide top-notch coverage for your valued clients: