(Photo credit: Ryan J. Wilmot.)
ISO (Jersey City, N.J.) reports that it has significantly enhanced three classes in its commercial inland marine program that address a growing set of risks and generate some of the largest premiums in the U.S. commercial inland marine market: builders risk, installation, and contractors equipment.
The enhanced classes are designed to help meet the evolving insurance needs of contractors and property owners, according to the vendor. New coverages for some of the enhanced classes include site preparation costs, testing, contractual penalties, and a broad range of construction equipment. The enhancements also feature coverage based on replacement cost valuation, amendments to coverage forms, endorsements, underwriting considerations, suggested loss control recommendations, premium calculation worksheets, and possible loss costs.
The enhanced inland marine programs address an area of business that generated $6.4 billion in written premiums in 2016, with builders risk, installation, and contractors equipment accounted for more than 40 percent of the U.S. commercial inland marine market. U.S. construction spending is expected to increase 6.2 percent in 2017, according to ISO MarketStance.
Serving a Growing Market
“As the construction industry continues to grow, construction professionals face a wide range of risks, including storms that may damage the construction site, project delays that can lead to contractual penalties, and testing that may compromise systems in the building,” comments Maroun Mourad, president of ISO Commercial Lines. “The enhancements to three of our commercial inland marine classes: builders risk, installation, and contractors equipment-provide insurers with the solutions they need to serve this growing market.”