QBE expands inland marine with new product in North America
Specialist insurer QBE North America has launched a policy offering coverages for construction projects as part of its inland marine product expansion.
"Construction projects are often complex and multi-faceted with little or no room for error,” said David Brooks, vice president underwriting leader, inland marine at QBE North America. “Protecting risk is crucial to the success of the project. With our new product offering, The Solution for Builder's Risk, our customers can protect their construction exposures to help keep their multimillion dollar projects on time and on budget," Brooks added.
Key features of the new product include capacity up to $250 million 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 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.
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