13 August, 2015
Rhodes Risk Advisors, an Atlanta based commercial property and casualty insurance brokerage, has launched a new construction insurance program for developers, general contractors, and property owners. The program includes coverage for Builder’s Risk, Controlled Insurance Programs (Wrap-Ups), and Owner’s Interest Liability. The program is designed to cover all aspects of a construction project including both the short term and the long term liability that exist with these projects.
Rhodes has partnered with several national insurance carriers to provide the Builder’s Risk portion of the construction program. The program is available in all 50 states and is for residential, mixed use, retail, office, hotel, and industrial projects. Starting with total construction costs (hard costs) at $5 million the program has capacity for up to $200 million for an individual project. Through the use of this program Rhodes Risk Advisors has been able to achieve rates at 10% – 25% less than market pricing. These results are a reflection of the strong relationships with the insurance carriers and the unique design of the program.
General Liability Coverage
Construction projects are faced with numerous uncertainties which can be difficult to contemplate when procuring Liability insurance. Rhodes Risk Advisors has developed several products for General Liability insurance to provide project owners, developers, and contractors the most comprehensive coverage available in the marketplace. Our Controlled Insurance Program will cover the owner/developer and all contractors and subcontractors for the project on one insurance program. This helps to reduce the overall cost of insurance on a project, provides enhanced coverage, improves claims handling and loss control, and provides coverage for completed operations to the statute of repose.
In cases where a Controlled Insurance Program does not make sense based on numerous factors with the structure of the project, Rhodes provides the owner/developer with a project specific, customized Commercial General Liability policy often referred to as an Owner’s Interest policy. This policy provides the owner/developer with extensive liability coverage for their construction project and includes the unique feature of extended completed operations coverage to protect the owner for products-completed operations claims that take place after the project is finished and after the policy expires. The extended completed operations coverage lengthens the period of coverage for several years after project completion, typically matching the state’s statute of repose timeframe for suits brought against the owner for completed work.