Ironshore will expand its builders' risk coverage to include wood frame commercial construction projects in the U.S. and Canada.
The standalone policy offering will protect against property risks of large scale, commercial wood frame structures during the course of construction, according to the company. Capacity limits are available up to $15 million to be underwritten on a quota share basis for both wholesale and retail producers for selected wood frame construction projects.
Builders' risk new wood frame cover is available for the duration of the construction period, as well as for delay in startup and phased operational completion. Sector specific projects can include health care facilities, hotels and resorts, retail developments, and residential buildings.
Tony Mammolite, the president of Ironshore's global property operations, commented that the introduction of the builders' risk enhancement “allows Ironshore to offer commercial builders the ability to secure comprehensive property protection within this specialty sector, thereby meeting the demand evidenced by heightened commercial wood frame construction activity throughout North America.”
Learn more: www.ironshore.com/.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].