Pen Underwriting partners with CNA Hardy for new construction offering
London-based managing general agent (MGA) Pen Underwriting has launched a new modular product for the construction market, designed to address complex risk exposures faced by the industry.
Backed by the capacity from specialist insurer CNA Hardy, the new cover can be offered on an annual or single-project basis, according to a statement.
Justin Godman, underwriting manager at CNA Hardy, said: "Developing innovative products is at the heart of what we do at CNA Hardy, and together we have created a compelling new offering that will help brokers win and retain business in what remains a competitive and challenging market."
The single policy wording covers public and products liability, employers’ liability, contract works, own and hired-in plant, JCT 6.5.1, terrorism, crisis management costs, property owners’ liability, and legal expenses.
"Brokers serving the diverse, challenging and changing construction market are primarily looking for two things: flexibility of cover that delivers added-value to their clients at no additional cost and direct access to specialist, empowered underwriters for quick underwriting decisions," commented Simon Foweraker, managing director of construction at Pen Underwriting.
Foweraker added: "By offering them a single policy wording, backed by a strong insurer partner, with the ability to select the covers and limits most relevant to their clients, as well as embedded extras at no additional cost, we’re delivering on Pen’s commitment of being easy to do business with and providing superior cover as standard.
"With no height or depth limits, the ability to cover more than 70 trades and a particular specialism in companies with complex construction risks and turnover exceeding £1 million, our team of underwriters actively look for ways to cover risks and have the experience to do so."
