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USI beefs up builder's risk program

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USI Insurance Services L.L.C. has launched a builder’s risk program for projects of all sizes and types that expands the coverage terms typically offered to middle market customers, the Valhalla, New York-based brokerage announced Monday.

In the middle market space, it is more difficult to obtain comprehensive risk coverage, according to Brian Dove, Dallas-based national real estate practice leader for USI.

Instead, middle market owners and contractors must often rely on policies with inadequate coverage terms and restrictions, such as wind-driven rain or water intrusion exclusions, Mr. Dove said.

USI has “beefed up” its builder’s risk program to provide the same coverage for middle market customers that larger customers receive, Mr. Dove said.

The program, underwritten by Ace Ltd. and Allianz S.E., offers no specific limits, and minimum premiums range from $2,500 to $5,000, he said.

In a statement, USI said the program allows customers to negotiate the terms and conditions to meet contractual and lender compliance, accelerates the response time during the bidding process and reduces costs on the value of the project through an expedited claim recovery process.

“Middle market clients frequently rely on standard builder’s risk coverages when developing a new property or renovating an existing location,” Robert Meyers, USI’s senior vice president of property/casualty, said in the statement. “This is their path of least resistance, however, inadequate coverage terms and property transfer problems at completion often create unforeseen costs and delays. At USI, we have developed a custom-built program that creates market competition and enables the negotiation of extensive coverage that better matches our client’s project exposures.”

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