Underwriting manager Victor O. Schinnerer & Co. has launched a new residential builders’ risk program. Schinnerer will serve as a program access point for retail agents and brokers.
The inland marine line of coverage, offered on admitted paper through Arch Insurance Group, is designed to provide project-specific insurance to owners and builders of residential dwellings under construction. In addition to the core coverages including theft of building materials and interest of subcontractors, there are 15 additional coverages built-in to the builders’ risk coverage form including pollutant cleanup or removal, ordinance or law, expediting expenses, and more.
Brokers can provide quotes and issue a builders’ risk policy in minutes through Schinnerer’s new online broker portal. The broker portal also allows brokers to upgrade coverages, review existing policies, and print or email policies.
Jeff Benson, vice president and senior underwriting manager of Schinnerer’s builders’ risk program, said the time was right to introduce the program as single family housing is forecasted to grow 20 percent annually over the next several years.
Builders’ risk coverage is currently available in 23 states. Over the next few months, the program will be available nationwide. Premiums start at $400, with limits up to $5 million total insured value. The program is available for new residential construction only. To be eligible, the builder must have at least two years’ experience.
Schinnerer distributes its insurance programs through independent agents and brokers. Broker appointments are not required unless mandatory by state law.
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