HUB International has unveiled HUB Builder’s Risk Insurance Solutions, a new offering designed to streamline risk management for construction projects.
The new service targets project owners, general contractors and developers, providing them with insurance coverage that complies with carrier underwriting requirements, thereby minimising project risks and delays.
HUB said builder’s risk insurance is key for handling property damage claims associated with construction activities.
To secure such coverage, project owners typically need to meet specific carrier underwriting standards, which often include the installation of water mitigation, fire resistance technologies and site security systems.
This process usually involves contracting multiple vendors or contractors.
HUB Builder’s Risk Insurance Solutions addresses this challenge by integrating services from highly rated third-party vendors.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThese vendors deliver mitigation solutions, and the offering is complemented by a proprietary mobile app that is said to ensure transparency and control over carrier requirements for projects.
HUB executive vice-president of the construction specialty practice Kirk Chamberlain said: “The complex and often time-consuming process of engaging multiple vendors and contractors for mitigation systems can pose significant financial and logistical burdens.
“We understand these challenges and now offer a complete solution for clients. HUB Builder’s Risk Insurance Solutions provides appropriate insurance protection plus the peace of mind of knowing all underwriting requirements have been met, and the project is adequately protected against theft, fire or water damage.”
The launch of this service follows a series of strategic moves by HUB, including the recent acquisition of assets of Ronald Morin, Jr, operating as Morin Insurance Agency.
Morin Insurance Agency, located in Alton Bay, New Hampshire, US, caters to individuals and businesses in northern New England, with a portfolio that spans commercial, life, automobile, employee benefits and homeowners insurance.
The acquisition formed part of HUB’s broader growth strategy, which combines organic development with targeted acquisitions.
In the past month, HUB expanded its services through the acquisition of Bob Gottschling’s book of business to bolster its retirement and wealth management offerings.
Additionally, in December 2023, HUB acquired assets from AFS 401(k) Retirement Services and AFS Financial Group, enhancing its retirement plan consulting and wealth management capabilities.
