Pen Underwriting* has launched a new product to address the UK construction industry’s wide-ranging, complex risk exposures.
Backed by “A”-rated capacity from specialist insurer CNA Hardy, the single wording, multi-section cover can be offered on an annual or single-project basis and provides clients with embedded extras at no additional expense.
The single policy wording covers: public & products liability; employers’ liability; contract works; own and hired-in plant; JCT 6.5.1; terrorism; crisis management costs; property owners’ liability; and legal expenses (provided by Abbey Legal).
Examples of embedded extras include Health & Safety Executive’s Fee for Intervention (FFI); environmental impairment liability; part product liability; professional negligence; cyber liability; cover for completed speculative builds awaiting sale up to 365 days; replacement hire costs following damage to own plant; and “new for old” replacement up to 24 months on own plant following damage.
“Brokers serving the diverse, challenging and changing construction market are primarily looking for two things: flexibility of cover that delivers added-value to their clients at no additional cost and direct access to specialist, empowered underwriters for quick underwriting decisions,” said Simon Foweraker, managing director of Construction at London-based Pen Underwriting.
“By offering them a single policy wording, backed by a strong insurer partner, with the ability to select the covers and limits most relevant to their clients, as well as embedded extras at no additional cost, we’re delivering on Pen’s commitment of being easy to do business with and providing superior cover as standard,” he added.
“With no height or depth limits, the ability to cover more than 70 trades and a particular specialism in companies with complex construction risks and turnover exceeding £1 million, our team of underwriters actively look for ways to cover risks and have the experience to do so,” Foweraker said.
* Pen Underwriting is a multi-class, multi-territory managing general agent (MGA) that operates as a virtual insurer, meaning it can fulfill all the typical functions of an insurance company — from sales, distribution, pricing and product innovation through to claims, analytics and governance — except carry risk.
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