ProSight Specialty Insurance, a global insurance group in the construction industry, has launched a new product that will provide residential and commercial contractors with additional cash flow through a “payas you build” feature with a low deposit premium called Builders Reporting Policy (BRP) Program.
Distributed exclusively through Coventry Risk Specialty, the BRP Program is designed to provide an affordable 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. This feature allows the policyholder to defer payment for completed operations coverage and structural defect warranty coverage until time of sale. Coverage is also available for builders risk.
Randy Roppelt, president of Coventry Risk Specialty, said they worked with the company’s warranty company partner and ProSight in the design of the liability product.
ProSight Specialty Insurance (and its member insurers: Gotham Insurance Co., New York Marine and General Insurance Co. and Southwest Marine and General Insurance Co.) was founded in 2009 and is backed by affiliates of TPG Capital and GS Capital Partners. ProSight Specialty Insurance focuses on niche markets.
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