US Assure expanded eligibility for XPressBIND, its online six-question application with no underwriting holds, from $500,000 to $1 million for new home construction projects.
PRODUCT: US Assure Builders Risk Plan Insured by Zurich.
COMPANIES: US Assure; Zurich North America.
BEST RATING: A+
AVAILABILITY: Instant access online at usassure.com with no volume or premium commitment.
FOCUS: US Assure has distributed, underwritten and serviced construction and property insurance products across the U.S. for A-rated carriers for more than 45 years. Its expertise and focus lies in builders risk coverage. Exclusively backed by Zurich, the program has remained market stable through catastrophes and industry changes and continues to be available countrywide, even in coastal areas, for most projects.
Recently, US Assure expanded eligibility for XPressBIND, its online six-question application with no underwriting holds, from $500,000 to $1 million for new home construction projects.
“Supply-chain issues in the construction market, economic inflation and upward trends in housing prices have contributed to an increase in new home construction costs since 2020," explains Steve Bristow, senior vice president, head of operations for US Assure.
“The same home just isn't being built today for the price it was a few years ago, and that's probably not going to change much in 2024," he says. “Increasing eligibility allows more projects to automatically flow through the XPressBIND application without an underlying change in risk."
COVERAGE DETAILS: The builders risk policy is broad in scope. Standard coverages, to name a few, include theft, fire, vandalism and materials in transit and at temporary locations. Optional endorsements include but are not limited to soft costs, flood, earthquake, business income and extra expense, and change orders.
UNDERWRITING: Available nationally for residential and commercial new construction, remodeling and installation projects valued up to $75 million. All applications start online. Projects valued up to $10 million may also be issued through their proprietary platform.
TARGET: Whether residential or commercial, the program has a broad appetite for a variety of course of construction projects valued up to $75 million. Personal and commercial lines clients with a financial interest in a completed construction project are eligible to purchase a builders risk insurance policy in their name. This means individuals or entities—including contractors, business owners, homeowners, property investors and financial institutions—can be great prospects for builders risk insurance.
COVERAGE AVAILABILITY: All U.S. states on an admitted basis.
CONTACT: 800-800-3907.
Will Jones is IA editor-in-chief.
