ProSight Specialty Insurance Announces Builders Reporting Policy Program with Exclusive Distribution Through Coventry Risk Specialty
ProSight Specialty Insurance, a global insurance group in the construction industry, announced its Builders Reporting Policy (BRP) Program, a new product that will provide residential and commercial contractors with additional cash flow through a unique Pay As You Build feature with a low deposit premium.
Distributed exclusively through Coventry Risk Specialty, the BRP Program is designed to provide an affordable insurance product written as a project specific or wrap policy that provides coverage for the builder with protection of a designated project on a Pay As You Build basis. This unique feature allows the policyholder to defer payment for Completed Operations coverage and Structural Defect Warranty coverage until time of sale. Coverage is also available for Builders Risk.
Randy Roppelt, President of Coventry Risk Specialty, said, “After listening to builders on their concerns related to cash flow, we worked with our warranty company partner and ProSight in the design of a liability product that gives the builder coverage during the course of construction and defers payment of completed operations and structural defect coverage until the structure is sold.”
About ProSight Specialty Insurance
ProSight Specialty Insurance (and its member insurers: Gotham Insurance Company, New York Marine and General Insurance Company and Southwest Marine and General Insurance Company) was founded by CEO Joseph Beneducci in 2009 and is backed by affiliates of TPG Capital and GS Capital Partners. ProSight Specialty Insurance focuses on niche markets where it has differentiated underwriting and claims expertise and partners exclusively with specialist distributors who have a deep understanding of their customers. With over $1B in assets and $200M in surplus, ProSight Specialty Group is rated “A” (Excellent) by A.M. Best. More information about ProSight Specialty Insurance can be found on its website at https://www.prosightspecialty.com.