XL Catlin added a layer of builder’s risk insurance known as Course of Construction to its Platinum Property insurance program. Hub International Ltd. debuted a new umbrella/excess risk purchasing group insurance program. Assurant will team with a web-based platform to help multifamily property owners and management companies insure apartments on short-term rental marketplaces.
XL Catlin has added a Course of Construction coverage option to its Platinum Property insurance program.
The Platinum Property policy provides up to $1 billion in property capacity to businesses that buy 100 percent of their property coverage from XL Catlin. XL Catlin’s new Platinum Property endorsement adds a Master Builders Risk Coverage option to address a client’s construction/renovation plans in its portfolio of insured property.
Course of Construction insurance covers buildings or projects under construction against the costs of repair or replacements, protecting property owners and contractors from the devastating and costly impact of fires, floods, vandalism, theft and other unwelcome accidents to a construction project.
Hub International Ltd. debuted a new umbrella/excess risk purchasing group insurance program.
Its new SHIELD program will be exclusive to its clients and prospects, to give commercial real estate and hospitality businesses (limited service hotels) the purchasing strength to buy insurance at cost savings while reaping the benefits of broadened coverage.
As part of Hub’s recently announced Specialty Practices, SHIELD is one of the first examples of the company’s tailored insurance products designed to best manage its commercial real estate and hospitality clients’ risks. It will provide broad umbrella coverage, per location aggregates and limits up to $100,000,000, with no shared limits for commercial real estate businesses such as offices, warehouses, light industrial and retail properties as well as limited use hotels and mixed use space.
SHIELD will also include additional risk services for Hub commercial real estate and hospitality clients including: slip and fall preventions, life safety evaluations, fire protection impairment, hot work programs design, and monitoring.
HUB collaborated with Sompo Global Risk Solutions to establish SHIELD’s coverage and service offerings.
Assurant is partnering with ApartmentJet, a web-based platform that helps multifamily property owners and management companies list apartments on short-term rental marketplaces.
Their arrangement provides multifamily housing owners an insurance product that covers both nightly and extended stay guests.
Assurant is a b2b provider of insurance and related services for homeowners, renters and connect living (IoT) products such as mobile devices, home appliance protection and home protection for weather-related events, among other things.
ApartmentJet touts itself as the only short-term rental platform built specifically for multifamily owners and operators. It allows property managers to manage content and listings across multiple channels, communicate with guests, run background checks, and view portfolio performance from a single application. It also allows owners to insure every single reservation, making certain their risk is properly mitigated.
Sources: XL Catlin, Hub International and Assurant