ISO expands commercial inland marine programmes
ISO, the information provider for property/casualty insurance risk owned by Verisk Analytics, has enhanced its commercial inland marine programmes for three new classes of business.
The enhanced classes - builders risk, installation, and contractors equipment - are designed to help meet the evolving insurance needs of contractors and property owners, ISO stated.
Generating $6.4 billion in written premiums last year, builders risk, installation, and contractors equipment accounted for more than 40 percent of the US commercial inland marine market, and US construction spending is expected to increase 6.2 percent in 2017, according to ISO MarketStance.
The new coverages for some of the enhanced classes include site preparation costs, testing, contractual penalties, and a broad range of construction equipment. The enhancements also feature coverage based on replacement cost valuation, amendments to coverage forms, endorsements, underwriting considerations, suggested loss control recommendations, premium calculation worksheets, and possible loss costs.
Maroun Mourad, president of ISO commercial lines, said: "As the construction industry continues to grow, construction professionals face a wide range of risks, including storms that may damage the construction site, project delays that can lead to contractual penalties, and testing that may compromise systems in the building.
"The enhancements to three of our commercial inland marine classes--builders risk, installation, and contractors equipment-provide insurers with the solutions they need to serve this growing market."
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