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Rokstone Construction Risk Underwriters Ltd., a specialty managing general underwriting agency that focuses on casualty and builder’s risk insurance products and services, said Thursday it is launching a new general liability insurance program for owners and contractors of large construction projects in the United States.
The Red Bank, New Jersey-based company said the primary insurance program was developed to provide in-depth underwriting expertise, wide-ranging coverage and detailed claims and risk engineering services for project-specific insurance and controlled insurance programs.
It said capacity is available on a nonadmitted basis nationwide with HDI Specialty SE, which is a joint venture of Hannover Re and Hannover, Germany-based HDI Global SE. Rokstone began operations in January.
The program is available to select retail distributors and offers terms of from one to five years. Minimum construction value is $50 million and minimum deductibles and/or self-insured retentions start at $25,000, according to the statement.
The Insurance Council of Australia has called on the government to introduce reforms in the construction sector amid a dispute over who is responsible for major building defects and combustible claddings related liability, The Age reported. Insurance premiums for surveyors, engineers and architects have surged up to seven-fold in New South Wales and Victoria recently.