QBE North America Offers Integrated Inland Marine Property Coverage for Construction Projects
QBE North America, an integrated specialist insurer, announced the next step in its Inland Marine product expansion — the launch of The Solution for Builder’s Risk, a comprehensive policy offering unique coverages for construction projects. The initiative to continually expand its innovative portfolio demonstrates QBE North America’s distinctive ability to nimbly respond to the evolving market needs of our customers.
Key features of this new product include capacity up to $250,000,000, as well as standard and unique additional coverages for the insured’s specific risk, including Utility Service Interruption, Inflation Protection, Business Personal Property, Waterborne Property and Equipment Breakdown Coverage (including Testing). In addition, QBE offers a full range of insurance for Time Element Coverage, including Loss of Business Income, Delay Penalties and Additional Expenses incurred by the insured.
The policy will be written by the company’s Inland Marine underwriters on a monoline basis through QBE-appointed producers in the retail and wholesale distribution channels. QBE’s expert underwriters will help build customized insurance programs to fit any size and type of project from new construction to renovations. In addition, QBE’s in-house, dedicated specialty claims adjustors offer industry specialization, product expertise and a pre- and post-loss commitment to exceptional customer service
AGCS Expands, Improves Project Cargo Coverage
Allianz Group’s specialist corporate insurer Allianz Global Corporate & Specialty (AGCS) announced an expanded Project Cargo offering formed by a direct partnership with itsEngineering division. Specifically, this new collaborative approach allows AGCS to provide continuous end-to-end coverage for companies managing unique and complicated risks, ultimately delivering a more comprehensive and fluid transaction under one single policy.
Underwritten by AGCS Marine, Project Cargo insurance is designed to meet the risk management needs of sizable ventures characterized by exposures such as:
- Shipment of equipment and machinery to a construction site.
- Loss or damage of components in transit that are part of a large civil, production facility and/or infrastructure construction project.
- Delay in Start Up (DSU) loss of income and/or Advanced Loss of Profits (ALOP) stemming from late or non-arrival of critical components due to a covered loss.
- Erection/Construction All Risk insurance provided by Engineering.
The recent spike in need for Project Cargo insurance worldwide has been triggered by a variety of factors, including stricter regulations governing plant efficiencies and air quality as well as an increased demand for alternative energy sources. Additionally, an expanding demand for quality-of-life enhancements in developing countries has prompted a myriad of projects; such examples include the building of power stations, wind and solar parks, water filtration plants, establishment of communications systems, power grids and the construction of reliable roads and bridges.
AGCS offers an international group of underwriters and claims experts, marine risk engineers, risk consultants, master mariners as well as logistics and supply chain specialists.
Next Insurance Becomes a Licensed Insurance Carrier
Next Insurance, a digital insurance company for small businesses, announced their new status as a licensed insurance carrier. As a carrier, Next Insurance will now write policies independently and will work directly with state insurance regulators to champion innovation in the small business insurance market, including on-demand coverage, more sophisticated uses of AI/Machine Learning for underwriting, and simpler policy language.
Next Insurance obtained its first carrier license from the State of Delaware and is currently expanding to all 50 states.
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