Posted in News on 06 Mar 2019
As the corporate world becomes increasingly unpredictable and litigious, a comprehensive risk management strategy is essential. To be truly effective, property insurance requirements are most comprehensively met by having the ability to quickly access London based expertise. Alesco has the specialist knowledge, expertise and access to some of the world’s leading insurance markets, both here in London and in global centres of insurance.
What we do
Our specialist US Builders’ Risk team in London combines service-excellence with technical skill in search of innovative and market-leading policy placements. Having placed in excess of USD200 million of gross written premium into the London and international insurance markets to date, we are confident in our ability to provide the required support and deliver products that satisfy you and your clients’ needs. With access to a breadth of specialist capacity and exclusive product wordings, our experience shows that we can place even the most complex and unique risks at a competitive price.
The diversity of our US Builders’ Risk/construction/ engineering book means we understand risks from many different perspectives, enabling us to provide a deeper and multi-level strategic insight. Our scope allows us to place single projects, as well as design individually tailored national or international master programs, for clients across a broad range of industry sectors including:
- Onshore Marine
- Real Estate
- Power and Energy
- Mining and Metals
- Oil and Gas
Our territorial remit is not limited to the United States. Utilising our global knowledge and contacts, we have placed a number of policies or programs on behalf of US producers/clients in many territories around the world.
Reflecting our success and the fresh approach we bring to market, we are actively courted by some of the leading London, European, MENA region and Asian insurers/reinsurers who are keen to work with us to develop and maximise a better and more flexible insurance product base for the Builders’ Risk/construction/engineering sector.
Effective and efficient service
We recognise the importance of delivery, not just at initial placement, but throughout the entire period of appointment. Our objective is to “get it right first time” and therefore our account managers work closely as a team to ensure the utmost priority is given to producers and clients throughout our appointment.
Dedicated in-house claims unit
We have a dedicated in-house claims team to provide high interaction support at every stage of the claim lifecycle. This active involvement during claims negotiations is to ensure that momentum is maintained and that client satisfaction can be achieved.
We offer guidance, design and execution for a wide range of standard and bespoke products either on a standalone basis or in the form of a product package. Our bespoke policies take into account the specific needs of each client with attention made towards risk profile and corporate objectives. Our products include:
- Builders’/construction/erection All Risk
- Delayed in Start Up/advance loss of profits
- Marine Cargo
- Marine Cargo Delay in Start Up
- US Casualty
- Environmental/Pollution Liability
- Master programs
- Inherent or Latent Defects insurance.
London bespoke policy form
Each placement will be delivered using our London Form and tailored according to the risk profile. Clients will benefit from key differentiating factors of the London form which prevail over the US domestic offerings. These may include, but are not limited to, the following:
- A builders’ ‘all risks’ policy whereby all risks are covered unless specifically excluded.
- Insurance is provided for the whole period of the project including automatic extensions.
- Significant Named Wind Storm, Flood & Earthquake limits.
- Option to provide widest available ‘defects coverage’ – LEG 3/06.
- Existing property coverage not sub-limited.
- Limits for most extensions in coverage are in addition to the policy limit of liability rather than sub-limits.
- Non-cancellable policy other than non-payment of premium.
- Non-time related soft costs not rated separately.
About our US Builders' Risk Team in London
Our specialist team comprises of personnel who have decades of experience dealing with all types of onshore construction projects for a wide range of industries and territories. The wider team comprises of key broking personnel through to account managers, service administers and claims advisors who all sit within a single London office, enabling open lines of communication. We target key personnel at insurers and can positively differentiate our clients or those of our producers in the London and international insurance/reinsurance market.
CONDITIONS AND LIMITATIONS
This information is not intended to constitute any form of opinion or specific guidance and recipients should not infer any opinion or specific guidance from its content. Recipients should not rely exclusively on the information contained in the bulletin and should make decisions based on a full consideration of all available information. We make no warranties, express or implied, as to the accuracy, reliability or correctness of the information provided. We and our officers, employees or agents shall not be responsible for any loss whatsoever arising from the recipient’s reliance upon any information we provide and exclude liability for the statistical content to fullest extent permitted by law.