Bermuda-based Ironshore Inc. announced its global property division will raise capacity limits for builder’s risk products to $50 million, an increase from the current $35 million limit, effective immediately.
Ironshore’s builder’s risk property program provides risk transfer protection for U.S.-based and international corporations for sector specific global construction coverages.
Ironshore underwrites the construction of civil engineering projects, such as roads, bridges, tunnels, water treatment plants and buildings, as well as mechanical engineering projects for oil and petrochemical facilities, utilities and heavy manufacturing complexes. Coverage is available for the duration of the construction period, as well as for delay in start up and phased operational completion.
“Ironshore’s capacity limit increase is in direct response to heightened market demand for access to broader protection inherent in complex commercial construction risks,” stated Tony Mammolite, president, Ironshore Global Property.
Dan Owen, senior vice president, Builder’s Risk, noted that, “deeper capacity will enable Ironshore to offer comprehensive coverage options for a range of larger construction risks, reflective of robust activity in this industry sector.”
Ironshore Global Property underwrites coverages on complex, commercial risks against physical loss or damage to property on a first party basis, addressing U.S. domestic and global exposures throughout the Ironshore platform.
In addition to builder’s risk, Ironshore provides comprehensive coverage for commercial risks across virtually all lines of business within the general property, real estate and energy sectors.
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