The Property & Inland Marine Division of Great American Insurance Group has introduced Cornerstone Complete, a comprehensive product to address increased exposures for construction projects.
This new product is said to be a single, comprehensive and flexible coverage form that replaces three separate builders risk products. It is designed to serve as a project-specific insurance or as a broader blanket policy covering multiple projects for a builder or developer.
Cornerstone Complete is created to be more responsive to the insurance needs of the construction industry, the company noted.
Great American Property & Inland Marine divisional vice-president Art Sieder said: “In recent years, insurance requirements and insurable exposures for construction projects have evolved.
“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.”
The offering also enhances the company’s prior builders risk coverages with broader definitions of covered property, along with various valuation options. It adds 23 additional coverages to the primary coverage.
These additional coverages address potentially overlooked exposures that may not be addressed in other forms unless specifically requested or endorsed, the company said.
Based on the size of the covered project, default limits for the additional coverages will vary. However, the company can modify them to suit the specific needs of insureds.