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SUM Insurance creates a one-stop construction shop for brokers

Insurance where both the broker and the insured speak their language, are sensitive to the volatile environment in which they work, and can offer the depth of expertise and flexible approach necessary to tackle ever-changing circumstances. We need a partner. In a challenging market lacking underwriting capacity, appetite and service, SUM Insurance is stepping up to do something different.

SUM Insurance Managing Director Jeff Somerville said: “The construction sector will need more insurance, not less, and it presents us with unprecedented opportunities.”

The national MGA, SUM, offers a range of coverages that address construction insurance needs (wrap-up liability, construction course (builder’s risk), and project-specific EIL coverage), but a strong sector The trajectory of SUM increased the interest of SUM in addressing it more fully. Despite the headwinds of inflation and rising interest rates, construction is projected to bring in $127 billion to Canada’s economy by 2025, up from his $80 billion in 2020, according to SUM research. Facilitate a one-stop shop to brokers serving this segment.

With 15 years of experience in the construction field, Annick DeChamplain recently joined as National Construction Lead and Senior GL Underwriter. She developed the Injured Construction portion of MGA’s enhanced product offering and earlier this year acquired broader internal authority and capacity for wrap-up responsibilities.

DeChampain says: What to expect or what the terms of the contract should be.

“When brokers call, they are talking to someone who can provide a turnaround on about the same day.

Vice President and Real Estate Practice Leader Bob Busfield, who has been in the insurance industry for more than 30 years, said the market has been particularly tough lately. As for the risks for builders, some have withdrawn or limited what they offer, such as a hard stop at 24 months with no extension offered by competitors. Avoid disappointment with a builder’s risk product with five standard extensions: , delayed start, transportation, and offsite.

“People who live in the real world know that getting drywall or cement workers or electricians is hard. ,” says Bousfield. “We offer common sense solutions because we understand that construction managers are already scratching their heads. One of our strengths is that we can think If something doesn’t fit in one box, I’m happy to try other boxes.”

Brian Tompkins, senior underwriter for SUM’s Commercial General Liability Practice, also sees the hard market creating more insurance providers. Contractors deal realistically on a daily basis. ”

“We provide confidence that many of these demands can be met, as opposed to concerns that the policies they have just taken will not be effective in practice,” Tompkins said, offering things. pointed out the advantages of SUM due to its London-located property and casualty insurance product, including sudden and accidental pollution coverage for most construction risks, no total limits, and easy policy/subrogation claim service waivers.

“We are adapting to the reality of the risks presented rather than being handcuffed to the often no-contact conditions to which some parts of the market cling.”

From remote refurbishments to large residential projects, whether it’s an often overlooked requirement (such as a hydroelectric dam emergency repair job that must be completed every 11 hours) or a unique one-off project. An example of an MRI machine that involves drilling into a hospital floor (such as installation) – SUM does not shy away from the demanding, unusual or time sensitive.

And for Tompkins, that drive to make it work is critical in combating the uncertainties of the current environment. SUM helps the unexpected from many angles. Because we have broad powers to act when necessary, rather than joining a rigid system that further alienates the construction industry in the way it treats insurance companies. ”

“One of our core missions is to work together. We treat the process like a partnership,” says Tompkins. “We are here to build long-term, effective business relationships by sourcing the required insurance capacity and leveraging our underwriting acumen to keep the equation running smoothly. ”

SUM Insurance creates a one-stop construction shop for brokers

Source link SUM Insurance creates a one-stop construction shop for brokers

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