Chubb expands construction insurance to midsize policyholdersReprints
Chubb Ltd. is launching an expanded construction industry practice for midsize construction firms.
Chubb said it will provide insurance product and services that previously had been offered only to large national and international construction firms, the insurer said Thursday in a statement.
Chubb said admitted and nonadmitted insurance products now available to the middle market construction industry include primary casualty, commercial umbrella liability, environmental risk, international casualty, contractor's professional liability, contract surety, contractor's equipment, inland marine and aerospace, as well as excess and surplus products such as specialty casualty construction and inland marine.
Builder's risk, which was previously available to midsize construction firms through Ace Ltd. and Chubb Corp. before their merger, will continue to be offered to these firms.
Tailored coverages will also be offered to a broad range of construction businesses, the insurer said, including general contractors, trade contractors, specialty contractors, environmental contractors, commercial renewable energy contractors (solar, wind and biofuel), wrap-ups, general liability-only projects, construction managers, design and design/build professionals, architects and engineers, and other construction project-specific firms.
“By capitalizing on the strengths of the combined legacy Ace and Chubb organizations, our construction industry practice will offer product and service innovation that capitalizes on Chubb's deep construction expertise,” Alex Wells, Philadelphia-based executive vice president, specialty and construction at Chubb, said in the statement. “Now, agents and brokers can offer a thoughtful, tailored and scalable platform from Chubb for their middle market construction clients.”
All products may not be available in all states or for all classes, and surplus lines products are available only through licensed surplus lines producers, the insurer said.