OneBeacon Insurance Group, a provider specialty and personal insurance products, has unveiled a new solution 'Construction @vantage' to help contractors safeguard their operations.
According to OneBeacon, the new solution combines property, equipment breakdown, crime, contractors equipment, builders risk and installation in one policy for construction industry.
In addition, the policy includes 25 new or enhanced coverages, including green upgrades; construction documents and models; costs to reerect undamaged scaffolding and forms; delay-in-completion expenses; and expendable supplies. If a loss occurrence triggers multiple coverages the policyholder has to pay only one single-occurrence deductible.
The company said that it offers customers an extra layer of protection against construction equipment theft through collaborations with DPL America, National Equipment Register and Lojack.
Don Keahon, vice president and national manager of property and inland marine division at OneBeacon, said: “Construction @vantage delivers a tailored insurance package that meets all of a contractor’s property and inland marine needs in one policy. And we back it up with dedicated risk control services to help reduce losses, and claims expertise to effectively manage losses that may occur.”