CHEVY CHASE, Md.--(BUSINESS WIRE)--Victor O. Schinnerer & Company, a leading underwriting manager, announced today the launch of a new residential builders’ risk program. Schinnerer will serve as a program access point for retail agents and brokers.
The inland marine line of coverage, offered on admitted paper through A+ (superior) rated carrier Arch Insurance Group, is designed to provide project-specific insurance to owners and builders of residential dwellings under construction. In addition to the core coverages including theft of building materials and interest of subcontractors, there are 15 additional coverages built-in to the Builders’ Risk coverage form including pollutant cleanup or removal, ordinance or law, expediting expenses, and more.
Using Schinnerer’s new online broker portal, brokers can provide quotes and issue a Builders’ Risk policy in minutes. The broker portal also allows brokers to upgrade coverages, review existing policies, and print or email policies.
“New residential housing is a major driver of our national economy, and with single family housing forecasted to grow 20% annually over the next several years it is a great time to introduce a Builders’ Risk program,” said Jeff Benson, Vice President and Senior Underwriting Manager of Schinnerer’s Builders’ Risk program. “We listened to the broker community and created a program that provides excellent coverage, superior customer service, and state-of-the-art technology. We make it easy for brokers to quote and issue policies in just a few simple steps and even print the policy in real time right in their office.”
Builders’ Risk coverage is currently available in 23 states. Over the next few months, the program will be available nationwide. Premiums start as low as $400, with limits up to $5 million total insured value. The program is available for new residential construction only. To be eligible, the builder must have at least two years’ experience.
Schinnerer distributes its insurance programs through independent agents and brokers. Broker appointments are not required unless mandatory by state law.
Victor O. Schinnerer & Company, Inc. is one of the largest and most experienced underwriting managers of professional liability and specialty insurance programs in the world. Schinnerer now serves more than 46,000 insureds in various specialty industries through independent insurance agents and brokers. Learn more at www.schinnerer.com.