An Ironshore division plans to start covering wood frame commercial construction products in the U.S. and Canada.
Ironshore Global Property will accomplish this through expansion of its Builders’ Risk coverage. Plans call for having the stand-alone policy offer protection against property risks for larger scale, commercial wood frame structures during the construction process.
Coverage will have capacity limits up to $15 million, and be underwritten on a quota share basis for both wholesale and retail producers for selected wood frame construction projects.
The cover is available for the construction period, and also for delay in startup and phased operational completion, Ironshore said. Specific projects that can be eligible include healthcare facilities, hotels and resorts, retail developments and residential buildings.
Ironshore Global Property Builders’ Risk program underwrites coverages on complex commercial construction against physical loss or damage to property on a first party basis. It addresses U.S. domestic and global exposures throughout the Ironshore platform.