By Elise Linscott
In forest-heavy states like Washington, Oregon and Nevada, where lumber work and the building products industry make up a sizable portion of the economy, companies involved in wood and forest products now have more industry-specific coverage options than ever before.
Offered through Swett & Crawford wholesale brokers and directly to retailers in the United States, the Insurance Center for Building Materials (ICBM), a specialist managing general agent, has now launched into Washington, Oregon and Nevada, and will expand into 34 more states by August, according to a press release.
ICBM was first launched in California earlier this year. This expansion comes as a response to increased broker demand.
“With the primary wood growing and processing centers in Washington, Oregon and Nevada, there is a real need for access to underwriters who can address the unique risks associated with companies operating in the lumber, secondary forest, and building materials markets,” ICBM managing director Jamie Taylor said. “Following the success of our California operations, we are excited about working with retailers to provide specialized insurance solutions for well-run middle market businesses across the western region.”
According to the USDA Forest Service Research and Development, the forest products industry is among the top ten manufacturing sector employers in 48 states and generates over $200 billion a year in sales and about $54 billion in annual payroll.
The ICBM offers full-scale underwriting for general liability, commercial automobile and property up to $100 million, with more available through the program and umbrella coverage up to $25 million. ICBM also offers employment practices liability, earthquake and workers compensation coverage, according to the release.
