Burmuda-based Ironshore Inc. announced that it has developed a new program to provide coverage for property owners and holders of uncompleted or in-progress real estate and development projects to be offered through its subsidiaries.
IronBuilt, the company’s specialty insurance construction unit, will underwrite general liability coverages for premise/operations and completed operations, including extended completed operations.
“The vibrancy of the construction market just three or four years ago has now resulted in an unprecedented inventory of viable, but uncompleted development projects,” stated Joe George, president of IronBuilt. “IronBuilt’s newest construction liability program was designed in response to the aftermath of the construction boom.”
IronBuilt will underwrite comprehensive coverage on residential and commercial construction risks through a variety of customized policy options. General liability product features address the potential of future claims resulting from construction defect perils throughout the duration of project completion out to statute of repose. Multi-year extension policies that allow for the completion of operations will be underwritten with no prior work exclusion on a project-specific basis. IronBuilt will provide up to $10 million in capacity, depending on residential/commercial exposure and attachments.
George noted that IronBuilt’s team of specialty construction underwriters “will work closely with the marketplace to strengthen our distribution relationships, enabling them to meet their clients’ needs in seeking alternative insurance solutions following a period of financial market uncertainty.”
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