Owners Interest launched across the US
Our US based Construction MGU – Rokstone Construction Risk Underwriters (RCRU) has further extended the cover it can provide on large US construction projects with the launch of a new Owners Interest insurance program.
An Owners Interest policy provides general liability coverage to a property owner during the construction phase, with vital protection in the event of accidents or slips and trips during the construction project, which may otherwise go uncovered.
Capacity has been secured on a non-admitted basis nationwide with Sutton Specialty Insurance Company, rated A- VIII (Stable) (A.M. Best). The newly launched Owners Interest product will continue RCRU’s focus on providing solutions for large US project business between 1-5 years in length. This includes project specific and rolling programs.
The product offers comprehensive coverage terms, including extended completed operations coverage to state statute, with a minimum CV of $50m and minimum deductible of $10k. RCRU carries out contractual indemnification reviews to identify and quantify hazards, and in the event of a loss, has dedicated claims professionals on hand to ensure a speedy resolution.
This new offering presents brokers and their clients with the vital coverage required in an area of the market with very limited capacity. By pairing advanced technology, deep underwriting expertise and claims knowledge in this space, a more efficient and results oriented experience will be created.
Mike Simone, President of Rokstone CRU, comments: “We are wholly focussed on leveraging our knowledge and expertise to find solutions and deploy programs for large complex projects in response to strong broker and client demand. We are excited about our new partnership with Sutton Speciality Insurance and are pleased to have secured this valuable product for our clients. Rokstone is a construction centric MGU that continues to outperform the market thanks to its expertise, service, and disciplined underwriting.”
Richard Isgard, Head of Claims & Partner at Rokstone CRU, adds: “We are excited to provide our clients with this latest addition to our portfolio. Importantly, we take a collaborative approach at Rokstone –so that should a claim arise we have a deeper understanding to provide the optimal claims experience for the client with a dedicated in-house claims team specialising in complex construction claims.”
Shane Haverstick, CEO of Sutton National, says: “We have great confidence in Rokstone. It is an impressive MGU that sets the bar high in the way group underwrites difficult markets. Its strong data led actuarial underwriting approach is best in class and its people are extremely knowledgeable and talented. We’re delighted to partner with Rokstone on this program and we look forward to growing our relationship with them further.”