SOURCE: Beazley Group

Beazley Group

September 08, 2016 08:30 ET

Beazley Expands Product Range for Construction Industry

ATLANTA, GA--(Marketwired - September 08, 2016) - Beazley, a leading specialist insurer for the construction industry, today launched five new products, supporting the company's growing presence in the US builders' risk and inland marine sectors.

Beazley's global construction team underwrites construction risks out of London, Singapore and the US. Its expanded US product suite now includes:

  • Contractors' block - "All in one" property solution for contractors including builder's risk, contractor's equipment and real and personal property.
  • Contractors' equipment - Coverage for contractor's equipment and tools on a stand alone basis.
  • Riggers' liability - Coverage designed for liability arising out of the moving of property and equipment that belongs to others.
  • Scheduled property - Designed to cover mobile or moveable equipment.
  • Medical and diagnostic equipment - First party physical damage coverage for scheduled and newly acquired medical equipment.

Tom Warner, the US builders' risk focus group leader at Beazley, said: "These new coverages enhance Beazley's ability to develop one-stop solutions for our broker partners and their construction clients across multiple industries. In addition to Beazley's products in the construction sector, the new medical and diagnostic equipment policy complements Beazley's extensive healthcare insurance business, which provides professional liability insurance to many of the country's largest hospitals and a wide range of other healthcare providers."

Note to editors:

Beazley plc (BEZ) is the parent company of specialist insurance businesses with operations in Europe, the US, Latin America, Asia, the Middle East and Australia. Beazley manages six Lloyd's syndicates and, in 2015, underwrote gross premiums worldwide of $2,080.9 million. All Lloyd's syndicates are rated A by A.M. Best.

Beazley's underwriters in the United States focus on writing a range of specialist insurance products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in all 50 states. In the surplus lines market, coverage is provided by the Beazley syndicates at Lloyd's.

Beazley is a market leader in many of its chosen lines, which include professional indemnity, property, marine, reinsurance, accident and life, and political risks and contingency business.

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