Ironshore Global Property to expand builders’ risk coverage
Ironshore Global Property will expand its builders’ risk coverage to include wood frame commercial construction projects in the US and Canada.
The stand-alone policy will protect against property risks of large scale, commercial wood frame structures during the course of construction, according to Ironshore.
Capacity limits are available up to $15 million to be underwritten on a quota share basis for both wholesale and retail producers for selected wood frame construction projects.
Builders’ risk new wood frame cover is available for the duration of the construction period, as well as for delay in start-up and phased operational completion.
Sector specific projects can include healthcare facilities, hotels and resorts, retail developments and residential buildings.
Tony Mammolite, president, Ironshore Global Property, said that the introduction of the builders’ risk enhancement “allows Ironshore to offer commercial builders the ability to secure comprehensive property protection within this specialty sector, thereby meeting the demand evidenced by heightened commercial wood frame construction activity throughout North America.”
Ironshore Global Property builders’ risk programme underwrites coverages on complex, commercial construction against physical loss or damage to property on a first party basis, addressing US domestic and global exposures throughout the Ironshore platform.
