XL Group has launched a new Builder’s Risk and Installation Coverage Solutions (BRICS) product, containing more than two dozen coverage enhancements. The coverage offers property insurance protection for single projects or multiple jobsites in North America.
According to Alexander McGinley, vice president of Inland Marine for XL, the BRICS coverage provides more property protection in four ways:
- The new policy form insures more types of property – some 11 types of property, including: landscaping, signs, and temporary structures.
- It also covers business personal property that supports the buyer’s operation, and includes labor costs, change orders, delivery charges, and reasonable profit and overhead.
- It protects property at more locations, from more loss situations and with additional protection.
- Projects insured by XL can range from new construction, renovation, rehabilitation, alteration, or additions to installation, repairs, improvements, erection, rigging, or millright.
XL Group’s BRICS coverage is available for a range of buyers including general contractors, owners, developers, and specialty trade contractors. Through endorsements, BRICS can be tailored to meet an individual’s needs and may include:
- Green coverage
- Contingent and difference in conditions
- Rigger’s liability
- Existing buildings or structures
- Soft costs, business income and extra expense
- Permission to occupy
- Equipment breakdown
- Flood, earthquake and volcanic eruption
BRICS protection also takes into account additional potential sources of loss such as sewer and drain back up, sinkhole collapse, testing, voluntary parting and virus and harmful code, which are excluded in many builder’s risk policies. The coverage also includes protection from variable costs such as increase in construction costs, site preparation, extra and expediting expense, contract penalty, rewards, reimbursement for returning stolen property, loss adjustment expense, ordinance or law, fire department service charges or expenses related to debris removal, and pollution cleanup, among others.
BRICS coverage is provided by XL Group’s insurance companies, XL Specialty Insurance Co. and Indian Harbor Insurance Co.