WHITEHOUSE STATION, N.J., March 28, 2018 /PRNewswire/ -- Chubb has introduced two policies to address the evolving construction risks of homebuilders and residential developers building single-family homes, townhomes and condominiums in the United States. Homebuilders Builders Risk Elite is primarily designed for national homebuilders engaged in the construction of full residential development projects and master-planned communities. Homebuilders Builders Risk Plus is primarily designed for regional homebuilders engaged in building homes in a smaller geographic area or a single location.
"As the demand for housing continues to surge, residential homebuilders face a number of property and financial-related risks associated with the construction of homes and communities across the United States," said Chubb's Deborah Grooms, Senior Vice President, Inland Marine. "To address these unique exposures, Chubb has designed a portfolio of homebuilders builders risk products that provide insurance for residential homebuilders of all sizes, providing clients flexible risk management solutions to help address exposures associated with ongoing construction activity."
In addition, Chubb has developed two new policy forms: Real and Personal Property Coverage, designed to cover losses on any fixed property owned by the homebuilder, such as office or storage buildings; and Contractors Equipment and Mobile Equipment, designed to cover losses on a homebuilder's owned or leased equipment. Both policy forms can be added to Homebuilders Builders Risk Elite and Homebuilders Builders Risk Plus.
Insurance is available for:
- Individual dwellings, specific community projects or master reporting programs
- Clubhouses, common areas and amenities
- Model homes, sales centers and their contents
- Vacant lot debris removal
- Trade-ins, buybacks, lease backs or foreclosures (available directly with Homebuilders Builders Risk Elite and by endorsement with Homebuilders Builders Risk Plus)
- Commercial buildings, if part of a master planned community (Homebuilders Builders Risk Elite only)
- Freestanding appliances
- Completed dwellings awaiting sale or closing
Key features of Homebuilders Builders Risk coverages include:
- Comprehensive policy forms are defined for specific size/class of business
- Significant capacity for flood, earthquake and named windstorm
- Service-oriented account coordination and handling by a highly-experienced team of construction underwriters, claims professionals and risk engineering specialists
For more information on Chubb's Homebuilders Builders Risk, visit here.
Chubb is the world's largest publicly traded property and casualty insurance company, and the largest commercial insurer in the United States. With operations in 54 countries and territories, 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. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength 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 31,000 people worldwide. Additional information can be found at: chubb.com.