Hub International (HUB) has unveiled its HUB Builder’s Risk Insurance Solutions, aimed at streamlining the process for project owners, general contractors, and developers involved in both frame and non-frame construction projects to obtain insurance coverage.
The solution, HUB says, aims to address compliance with carrier underwriting requirements and reduce potential risks and delays associated with construction projects. HUB’s Builder’s Risk Insurance Solutions features a proprietary mobile app designed to offer full transparency and control over the compliance with carrier requirements for any given project.
Builder’s risk insurance plays a vital role in managing claims related to property damage during construction activities. Achieving coverage often necessitates adherence to specific carrier underwriting standards, including the implementation of water mitigation, fire resistance technologies, and enhanced site security measures. Traditionally, project owners have been required to engage with several vendors or contractors to install these systems to qualify for insurance coverage.
Learn more about commercial builders insurance and what does builders risk insurance cover for construction projects.
Kirk Chamberlain, HUB’s executive vice president of the construction specialty practice, commented on the launch, highlighting the financial and logistical challenges project owners face when coordinating multiple vendors and contractors for required mitigation systems.
“We understand these challenges and now offer a complete solution for clients,” Chamberlain said. “HUB Builder’s Risk Insurance Solutions provides appropriate insurance protection plus the peace of mind of knowing all underwriting requirements have been met, and the project is adequately protected against theft, fire or water damage.”
Elsewhere for the global broker, HUB International announced it has acquired the assets of Morin Insurance Agency in New Hampshire for an undisclosed sum.
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