OneBeacon has combined property, equipment breakdown, crime, contractors equipment, builders risk and installation in one policy for the construction industry. The Construction @vantage policy includes 25 new or enhanced coverages, including “green” upgrades; construction documents and models; costs to reerect undamaged scaffolding and forms; delay-in-completion expenses; expendable supplies; and more.
If a loss occurrence triggers multiple coverages, the policyholder pays only one single occurrence deductible.
OneBeacon also offers protection against construction equipment theft through collaborations with DPL America, National Equipment Register and Lojack. Construction @vantage customers may be entitled to discounts from these vendors; and OneBeacon may apply a deductible waiver, under certain circumstances, for equipment that uses GPS tracking technology.
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