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Home builders have significant problems relative to their General Liability coverage. Several years ago, Zurich - North America and Professional Warranty Service Corporation (PWC) introduced a GL wrap-up that included third party warranty administration for the largest members of the nation's home building industry. Many of the top 100 builders in the U.S. are now participating in that program.
Regional volume builders have GL problems even more acute than the large nationals including:
- Lack of coverage liability
- Low liability limits
- Exclusions that strip significant coverage from the policy
- Deal with less than Best "A" rated insurance companies
- Continual change of insurance companies at renewal causing confusion and concern for builders and insurance brokers
Subcontractors for these builders encounter similar problems and many builders feel uncertain as to what subs have in terms of GL. Builders try to manage with time-consuming tracking programs monitoring certificates of insurance and hold harmless agreements, that may offer limited, if any, support at time of claim.
Zurich - North America, a Best "A" rated insurance company, and PWC have launched another wrap-up program for volume builders with sales of $20 to 100 million annually. This program is available only to the highest quality builders and is subject to strict underwriting.
The program offers limits of $5 million per occurrence and $6 million aggregate. It is a two-year policy without exclusions found in many programs today. Subcontractors are wrapped up in this coverage with the builder. Home builders with annual sales of over $100 million can purchase limits of $15 million per occurrence. Excess coverage is readily available for both programs.
Quality builders can access this policy through brokers experienced in working with large builders and staffed with insurance professionals familiar with GL wrap-ups.
Those desiring more information should have your broker contact us.
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Company Information
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4443 Brookfield Corporate Drive, Suite 300
Chantilly, VA 20151
Phone: 800-850-2799
Fax: 800-851-2799
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