Hiscox Expands Suite of Tailor-Made Solutions for Construction Professionals
NEW YORK, August 27, 2019 – Hiscox, the international specialist insurer, today announced enhancements to its Architects and Engineers coverage portfolio with the release of four new tailor-made solutions designed specifically for construction professionals. Reinforcing and deepening Hiscox’s brand commitment to the construction professionals liability marketplace, these specialized insurance products provide coverage for all parties on a job site, including architects and engineers, general contractors, artisan subcontractors, real estate developers and owners.
“Historically, terms and coverages in the professional liability market for contractors were geared toward large contractors, leaving small and medium-sized contractors as a completely underserved market segment. As a result, many of these companies remained underinsured, leaving themselves vulnerable to a host of risks,” said Audrey Lau, Architects & Engineers Product Head for Hiscox in the US. “We considered the unique concerns and exposures general contractors and subcontractors face to ensure they can each have a policy that meets their needs, enabling them to focus on providing the highest quality of service to their clients.”
For artisan subcontractors, Hiscox will be one of the first markets to offer faulty workmanship coverage that dovetails with a General Liability policy to cover the cost to repair the work they performed. Some of the other expanded coverages include:
- Contractors pollution liability insurance that includes coverage for transportation, non-owned disposal sites, mold and emergency response
- Broad professional liability triggers, including a carveback for professional services performed as part of construction means and methods
- Rectification expense for design defects
For general contractors, some of the expanded coverages include:
- Contractors pollution liability including transportation, non-owned disposal sites, mold and emergency response
- Broad professional liability triggers including pre-construction services, delegated design, design assisted, value engineering and a means methods carveback
- Rectification expense for design defects
- Protective indemnity coverage
Additionally, for real estate developers and owners, Hiscox will be one of the first insurers to offer a combined developer and owners protective product, as Hiscox has expanded its coverage to include:
- Owners Protective Indemnity and
- Protective Pollution protection
“As one of the first insurers to market and a leader in insuring real estate developers, we’ve observed significant growth in the demand for tailored solutions in this area,” added Lau. “Our clients deserve a partner that seeks continual growth and innovation on their behalf, and we’re excited to be the first to offer these new solutions that further cover the professional exposures of an owner/developer.”
Hiscox USA provides a variety of specialty risk solutions, including a broad spectrum of professional errors & omissions, general liability, cyber and data security, media liability, management liability, crime, kidnap & ransom, terrorism and commercial property insurance products.
In the US, Hiscox has offices in New York, NY; Atlanta, GA; Chicago, IL; Dallas, TX; Los Angeles, CA; Phoenix, AZ; Las Vegas, NV; San Francisco, CA and White Plains, NY.
Additional information can be found at www.hiscox.com
About the Hiscox Group
Hiscox is a global specialist insurer, headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). Our ambition is to be a respected specialist insurer with a diverse portfolio by product and geography. We believe that building balance between catastrophe-exposed business and less volatile local specialty business gives us opportunities for profitable growth throughout the insurance cycle. It’s a long-standing strategy which in 2018 saw the business deliver a profit before tax of $137.4 million in a challenging year for insurers.
The Hiscox Group employs over 3,300 people in 14 countries, and has customers worldwide. Through the retail businesses in the UK, Europe, Asia and the US, we offer a range of specialist insurance for professionals and business customers as well as homeowners. Internationally traded, bigger ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re & ILS. In the US, Hiscox small business Insurance is underwritten by Hiscox Insurance Company Inc., a Chicago-based insurance company.
Our values define our business, with a focus on people, quality, courage and excellence in execution. We pride ourselves on being true to our word and our award-winning claims service is testament to that. For more information, visit www.hiscoxgroup.com.
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The content provided above is provided for general informational purposes, but is not intended, nor shall it be deemed, to be business, legal or insurance advice for any particular or specific person or entity.
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