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Kate Shepherd

Ironshore Canada expands into commercial property market

June 16, 2014 - 4:48pm


Ironshore Canada Ltd., a unit of Ironshore Inc., has announced its entry into the commercial property market.

The commercial property offerings will enhance its existing suite of specialty products available in the Canadian market, the Toronto-based insurer announced in a statement Monday.

Ironshore Canada now has licensed approvals to provide property coverage products to specialty sectors in every Canadian province except Quebec, according to the statement.

Commercial property insurance products are available for general commercial property, energy property and builder’s risk property with capacity limits of $25 million up to $45 million that will be based on each respective client’s coverage needs, according to the statement.

The general commercial property offering provides coverages of up to $45 million on a primary, quota share, excess of loss or full value basis. It has a product focus on property and business interruption exposures and catastrophic risks, including earthquakes (British Columbia) and floods, the insurer said.

The energy property product provides coverages for up to $25 million for property damage, machinery breakdown and business interruption across almost all classes within the specialty sector including refining and power, according to the statement.

The builder’s risk property team underwrites the construction of civil engineering projects, including roads, bridges, tunnels, and buildings and mechanical engineering risks for oil and petrochemical facilities, utilities and heavy manufacturing plants. The products provide property risk transfer coverages for global and Canadian corporations with international and domestic capabilities for limits of up to $35 million, Ironshore Canada said.

 



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