Cornerstone Complete is well suited for project-specific insurance or as a broader blanket policy that includes multiple projects for a builder or developer
Great American Insurance Group launches new comprehensive builders risk product to address increased exposures for construction projects. (Credit: joffi from Pixabay)
The Property & Inland Marine Division of Great American Insurance Group is pleased to announce the launch of Cornerstone Complete, a comprehensive product that addresses increased exposures for construction projects.
As a single, comprehensive and flexible coverage form, Cornerstone Complete replaces three separate builders risk products and aims to be more responsive to the insurance needs of the construction industry. Cornerstone Complete is well suited for project-specific insurance or as a broader blanket policy that includes multiple projects for a builder or developer.
“In recent years, insurance requirements and insurable exposures for construction projects have evolved,” said Art Sieder, Divisional Vice President, Great American Property & Inland Marine. “The standard builders risk coverage form is now insufficient without endorsements, manuscripts or even multiple coverage forms. Cornerstone Complete is the culmination of months of marketplace and industry research around the many exposures and potential financial losses that exist at a construction project.”
Cornerstone Complete enhances Property & Inland Marine’s prior builders risk coverages with broader definitions of covered property, along with various valuation options. In addition to the primary coverage, 23 additional coverages are included. These can respond to potentially overlooked exposures that may not be addressed in other forms unless specifically requested or endorsed. Default limits for the additional coverages will vary based on the size of the covered project but can be modified to meet the specific needs of insureds.
“We’re excited to offer Cornerstone Complete as one of the most comprehensive builders risk coverage forms available,” said Sieder. “The name reflects our ability to provide coverage from the beginning of a project until completion. This, along with our other inland marine coverages, demonstrates our commitment to providing specialty-focused insurance solutions for the construction and building industry.”
Source: Company Press Release