Travelers announced a product designed to help construction projects of nearly every size and scale stay on schedule. The product is called Construction Pak(SM) - Builders' Risk.
According to Travelers, new features include an extensive definition of covered property; automatic soft costs coverage with an option to tailor; multiple additional coverage extensions, equipment breakdown coverage including full testing and jurisdictional inspections; green building coverage; and replacement cost valuation.
"Construction today is not like it was a decade or even five years ago," said Joe Tracy, president, Travelers Inland Marine. "With emerging technologies and new building methodologies, there is a need for proactive coverage and services that can help keep projects on budget and on schedule. Travelers' new Builders' Risk coverage protects contractors, owners and developers, keeps their projects moving forward and offers peace of mind."
In addition, customers have access to the extensive Inland Marine Network, including the construction expertise of dedicated Inland Marine underwriters, Travelers said. This network includes specialists from risk control, who provide consultations for specific projects and ongoing operations, a claim team that includes builders' risk specialists to adjust and settle complex builders' risk claims and the specialty investigations group, which helps with theft prevention and recovery efforts.
