Underwriting manager Victor O. Schinnerer & Co. Inc. has launched a residential builders risk program, the company said Monday.
The coverage, offered through Arch Insurance Group Inc., is designed to provide project-specific insurance to owners and builders of new residential construction, Chevy Chase, Maryland-based Schinnerer said in a statement.
Schinnerer will serve as a program access point for retail agents and brokers, according to the statement.
The policy offers core coverages for theft of building materials and interest of subcontractors and 15 additional coverages built in to the builders’ risk coverage form including pollutant cleanup or removal, ordinance or law, and expediting expenses, the underwriting manager said.
Limits of up to $5 million in total insured value are available, according to the statement.
“New residential housing is a major driver of our national economy, and with single family housing forecasted to grow 20% annually over the next several years, it is a great time to introduce a builders risk program,” said Jeff Benson, vice president and senior underwriting manager of Schinnerer’s builders risk program. “We listened to the broker community and created a program that provides excellent coverage, superior customer service, and state-of-the-art technology. We make it easy for brokers to quote and issue policies in just a few simple steps and even print the policy in real time right in their office.”
Brokers can provide quotes and issue a builders risk policy in minutes, upgrade coverages, review existing policies and print or email policies using Schinnerer’s online broker portal, according to the statement.
The coverage is available in 23 states and will be made available nationwide over the next few months, Schinnerer said.