Coventry Risk Specialty, an MGA focused on the construction industry, has launched a new Builders Reporting Policy (BRP) product for the construction industry. Coventry is the countrywide exclusive underwriter and will distribute the product through preferred surplus lines brokers.
The BRP is designed to provide an insurance product written as a project specific or wrap policy that provides coverage for the builder with protection of a designated project on a “pay-as-you build” basis.
“After listening to builders on their concerns related to cash flow, we worked with our warranty company and insurance carrier partner in the design of a liability product that gives the builder coverage during the course of construction and defers payment of completed operations and structural defect coverage until the structure is sold,” Said Randy Roppelt, president of Coventry Risk Specialty. Coverage is also available for builders risk.
The product is written on a non-admitted basis and is offered in all states except, N.Y., Nev., Colo. and La.