Pen Underwriting has responded to the need for a more comprehensive, flexible offering to address the wide-ranging complex risk exposures faced by today’s construction industry with the launch of a new modular product.
Backed by A-rated capacity from specialist insurer CNA Hardy, the new single wording, multi-section cover can be offered on an annual or single-project basis and gives brokers direct access to empowered, experienced underwriters as well as the ability to provide their clients with embedded extras at no additional expense.
The single policy wording covers: Public & Products Liability; Employers’ Liability; Contract Works; Own and Hired-in Plant; JCT 6.5.1; Terrorism; Crisis Management Costs; Property Owners’ Liability; and Legal Expenses (provided by Abbey Legal).
Examples of embedded extras include HSE Fee For Intervention; Environmental Impairment Liability; Part Product Liability; Professional Negligence; Cyber Liability; cover for completed speculative builds awaiting sale up to 365 days; replacement hire costs following damage to own plant; and ‘new for old’ replacement up to 24 months on own plant following damage.
Simon Foweraker, Managing Director of Construction at Pen Underwriting, said: “Brokers serving the diverse, challenging and changing construction market are primarily looking for two things: flexibility of cover that delivers added-value to their clients at no additional cost and direct access to specialist, empowered underwriters for quick underwriting decisions.
“By offering them a single policy wording, backed by a strong insurer partner, with the ability to select the covers and limits most relevant to their clients, as well as embedded extras at no additional cost, we’re delivering on Pen’s commitment of being easy to do business with and providing superior cover as standard.
“With no height or depth limits, the ability to cover more than 70 trades and a particular specialism in companies with complex construction risks and turnover exceeding £1m, our team of underwriters actively look for ways to cover risks and have the experience to do so.”
Justin Godman, Underwriting Manager at CNA Hardy, said: “We’re delighted to partner with Pen on its new construction offering. Developing innovative products is at the heart of what we do at CNA Hardy, and together we have created a compelling new offering that will help brokers win and retain business in what remains a competitive and challenging market.”
For further press information, please contact:
+44 (0) 20 3425 3416
Notes to Editors:-
Pen Underwriting is a multi-class, multi-territory managing general agent (MGA) that operates as a virtual insurer, meaning it can fulfil all the typical functions of an insurance company — from sales, distribution, pricing and product innovation through to claims, analytics and governance — except carry risk.
Pen Underwriting has three divisions — Commercial, Specialty and Volume — offering a wide and growing range of specialisms from e-Solutions and delegated authorities for volume business through to specialty products with individual underwriting for hard-to-find placements. With a national branch presence across 18 locations, more than 350 insurance professionals and generating more than £500m GWP, Pen Underwriting represents one of the largest underwriting agencies in the UK.
For more information see www.penunderwriting.co.uk