New York, NY – QBE North America, an integrated specialist insurer, today 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.
"Construction projects are often complex and multi-faceted with little or no room for error. Protecting risk is crucial to the success of the project," said David Brooks, VP Underwriting Leader, Inland Marine, QBE North America. "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," he added.
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.
"Our latest Inland Marine proprietary product, The Solution for Builder's Risk, illustrates how we put the customer at the center of everything we do as an integrated specialist insurer," said Jeff Grange, President, Specialty Insurance, QBE North America. "This new product allows us to expand the customized product suite we offer through our Specialty and P&C businesses to deliver end-to-end risk management solutions to support the construction industry."
QBE North America, an integrated specialist insurer, is part of QBE Insurance Group Limited, one of the largest insurers and reinsurers worldwide. QBE NA reported Gross Written Premiums in 2017 of $4.6 billion. QBE Insurance Group's 2017 results can be found at www.qbe.com. Headquartered in Sydney, Australia, QBE operates out of 31 countries around the globe, with a presence in every key insurance market. The North America division, headquartered in New York, conducts business through its property and casualty insurance subsidiaries. The actual terms and coverage for all lines of business are subject to the language of the policies as issued. QBE insurance companies are rated "A" (Excellent) by A.M. Best and "A+" by Standard & Poor's. Additional information can be found at qbe.com or by following QBE North America on Twitter.
Jaime Bruck, Lead Communications Partner, 646-341-8042, firstname.lastname@example.org