ProSight Specialty Insurance, a global insurance group in the construction industry, has launched builders reporting policy (BRP) program, aimed to provide additional cash flow for residential and commercial contractors with a low deposit premium.
Randy Roppelt, President of Coventry Risk Specialty said that the new liability product will provide builder coverage during the course of construction and defers payment of completed operations as well as structural defect coverage until the structure is sold.
The BRP Program provides unique Pay As You Build feature and enables policyholder to reschedule payment until time of sale for completed operations coverage and structural defect warranty coverage.
Also available for Builders Risk, the new product can be written as a project specific or wrap policy to provide coverage for the builder with designated project protection and is distributed exclusively through Coventry Risk Specialty.
Founded in 2009, ProSight Specialty Insurance is backed by affiliates of TPG Capital and GS Capital Partners.