Insurer Builds Up Practice as Construction Spending Continues to Rise
PHILADELPHIA, March 10, 2016 /PRNewswire/ -- Chubb has launched an expanded Construction Industry Practice to provide insurance products and services that previously only had been offered to large national and international construction firms to midsized construction firms in the United States and Canada.
The move follows double-digit growth in construction spending last year. According to the American Institute of Architects, "through November 2015, building construction spending was up over 16 percent compared to the first 11 months of 2014." The institute forecasts "healthy" growth levels for 2016 and 2017.
"By capitalizing on the strengths of the combined legacy ACE and Chubb organizations, our Construction Industry Practice will offer product and service innovation that capitalizes on Chubb's deep construction expertise," said Alex Wells, Executive Vice President, Specialty & Construction, Chubb. "Now, agents and brokers can offer a thoughtful, tailored and scalable platform from Chubb for their middle market construction clients."
Admitted and non-admitted insurance products now available to the middle market construction industry include primary casualty, commercial umbrella liability, environmental risk, international casualty, contractors professional liability, contract surety, contractor's equipment, inland marine and aerospace, as well as excess and surplus products such as specialty casualty construction and inland marine. Builder's risk, which was previously available to midsized construction firms through legacy ACE and Chubb, will continue to be offered to these firms.
Tailored coverages will be offered to a broad range of construction businesses, including general contractors, trade contractors, specialty contractors, environmental contractors, commercial renewable energy contractors (solar, wind and biofuel), wrap-ups, general liability-only projects, construction managers, design and design/build professionals, architects and engineers, and other construction project-specific firms.
All products may not be available in all states or for all classes. Surplus lines products are available only through licensed surplus lines producers.
The Construction Industry Practice is one of several Chubb industry-specific practices, including:
Chubb is the world's largest publicly traded property and casualty insurer. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. The company is distinguished by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength, underwriting excellence, superior claims handling expertise and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 30,000 people worldwide. Additional information can be found at: new.chubb.com.