Ironshore tweaks construction policy to address merger risks
Ironshore Specialty Casualty has announced that it has tweaked its transition protection policy form to address contractual exposures related to an organisational merger or acquisition specific to the construction industry.
Ironshore’s construction transition protection product provides coverage for abrupt and accidental property damage or bodily injury arising out of work completed by a construction company that occurred prior to the closure of the corporate transaction.
According to Ironshore, construction companies typically have contractual requirements to obtain insurance coverage for work completed prior to the merger or acquisition. Construction transition protection is offered for limits of up to $2 million per occurrence on a primary basis and up to $10 million on an excess basis. Coverage is underwritten on a claims-made basis for an injury period stipulated within contractual documentation or up to a maximum of 5 years to cover potential liabilities resulting from past operations.
"Ironshore’s enhanced construction product responds to unforeseen risks that may arise following the completion of a successful transition.” said Ben Beauvais, lead at Ironshore’s construction industry practice. "Construction transition protection will benefit those clients that require coverage to satisfy contractual requirements when the entity’s liabilities are not acquired under the terms of the agreement."
Ironshore’s construction industry group provides customised risk coverages including surety, builders risk, professional liability, environmental, stand-alone terrorism, cyber, general/excess liability and wrap-up insurance. Ironshore underwrites a range of insurance programs for all types of commercial and residential construction projects and delivery methods.
