Liberty Mutual now offers builder’s risk coverage for large contractors, property owners and their brokers. AIG is drumming up interest for a new auto insurance telematics device with a safe driver contest in Singapore. Chubb debuted an online workers comp policy system for small business agents. Neon started a Marine and Offshore Construction Consortium.
Liberty Mutual has started offering builder’s risk coverage designed to help large contractors, property owners and their brokers better manage property risk.
Dubbed Premier Protector – Builder’s Risk, the policy is built with what Liberty Mutual says is an “intuitive structure” designed to help eliminate uncertainties and inconsistencies in coverage. Many of the new coverages in the policy are optional, with the idea that brokers and customers can work with Liberty Mutual’s inland marine underwriters to tailor each policy to meet specific needs.
The coverage is targeted to projects with insured values higher than $50 million. Among its options: available limits up to $500 million per project and up to $200 million for shared and layered; coverage for named storm, earth movement and flood; delay in completion (time element), with income cover for owned projects; master builder’s risk by endorsement with extension of term endorsement to see projects through completion.
Specialist Lloyd’s underwriter Neon has launched a Marine and Offshore Construction Consortium.
Seeking to address the increasingly tailored insurance needs of shipyard clients, the Neon led-consortium offers $70 million capacity for shipyard construction and $55 million for rig construction, said the London-based Neon.
The consortium is underwritten by Neon’s Mireille Dolonen with capacity sourced from a range of Lloyd’s syndicates. Neon said its underwriting approach will be underpinned by enhanced information gathering to anticipate and understand the new risks that shipyards face.
The consortium will also seek to exchange knowledge with the wider market through the launch of an annual Broker Marine and Offshore Construction Conference and the introduction of a Marine and Offshore Construction course for young talent at Lloyd’s
AIG is using a telematics-based smartphone app to find the best drivers in Singapore. The recently-launched contest will likely to also spur interest in and generate new business for the device.
The initiative is through AIG Asia Pacific Insurance Pte Ltd. (AIG Singapore), and the insurer is using its “AIG On the Go” telematics device to do this.
The device scores drivers’ performance each time they drive, using telematics to measure driving performance against factors such as acceleration, braking, cornering and speed. It will score each completed journal and also provide useful driving tips.
AIG said the contest runs until June 30. The “Best Driver in Singapore” wins prices worth $7,000, including free fuel for one year, car spa vouchers and a customized AIG Singapore CashCard.
Chubb launched a new online system for independent agents that will quote and issue a comprehensive workers compensation policy for small businesses.
The workers comp policy for small business owners targets a range of industries, with coverage features including coverage for small businesses with as few as one employee, up to businesses with revenues of $10 million.
The cover also features small business protection for medical expenses and lost wages to employees, and options such as waiver of subrogation and various employer liability limits. There is also 24/7 automated system access with the ability to generate a quote and issue a policy in minutes.
Also, the Chubb policy for small businesses can be combined with the insurer’s business owner’s policy to provide customers broad coverage and Chubb’s policy and claim service capabilities.
Sources: Liberty Mutual, AIG, Neon and Chubb