Beazley Insurance has partnered with Mercator Risk Services, a construction insurance wholesale broker, to launch a Builders Risk facility for building construction projects up to $50m in project value.
Beazley said that the arrangement will be available from the company on admitted paper and will target general building projects in non-cat areas. The offerings provide quick access to its policy and underwriting expertise which is otherwise unavailable for projects under $50m in non-cat areas.
The Builders Risk team has been operating in the US since November 2009. To date the team has focused on projects with a value greater than $50m or that generate a premium to Beazley in excess of $50,000. The arrangement with Mercator Risk Services will allow the team to service a full spectrum of construction projects.
Mercator Risk Services vice president Grant Chiles said that this facility strengthens the placement capabilities and gives a superior product offering to provide to national retail client base.
Head of US Builders Risk operations head Colin Rose said since setting up at the end of 2009, we have concentrated on projects with values greater than $50mn.
"This facility with Mercator gives us a tremendous opportunity to access smaller construction projects that we wouldn’t normally consider, thereby utilizing our admitted product and giving us a greater spread across our portfolio," Rose said.
The Builders Risk team focuses on owners and contractors who are engaged in all types of construction in all areas of the US as well as their interests overseas. Their coverage includes all types of buildings, civil engineering, oil and gas, power, and light and heavy industries.