JERSEY CITY, N.J., July 17, 2017 — ISO has significantly enhanced three classes in its commercial inland marine program that address a growing set of risks and generate some of the largest premiums in the U.S. commercial inland marine market: builders risk, installation, and contractors equipment. ISO is a Verisk Analytics (Nasdaq:VRSK) business.
The enhanced classes are designed to help meet the evolving insurance needs of contractors and property owners. New coverages for some of the enhanced classes include site preparation costs, testing, contractual penalties, and a broad range of construction equipment. The enhancements also feature coverage based on replacement cost valuation, amendments to coverage forms, endorsements, underwriting considerations, suggested loss control recommendations, premium calculation worksheets, and possible loss costs.
Generating $6.4 billion in written premiums last year, builders risk, installation, and contractors equipment accounted for more than 40 percent of the U.S. commercial inland marine market, and U.S. construction spending is expected to increase 6.2 percent in 2017, according to ISO MarketStance.
“As the construction industry continues to grow, construction professionals face a wide range of risks, including storms that may damage the construction site, project delays that can lead to contractual penalties, and testing that may compromise systems in the building,” said Maroun Mourad, president of ISO Commercial Lines. “The enhancements to three of our commercial inland marine classes—builders risk, installation, and contractors equipment–provide insurers with the solutions they need to serve this growing market.”
Since 1971, ISO has been a leading source of information about property/casualty insurance risk. For a broad spectrum of commercial and personal lines of insurance, ISO provides statistical, actuarial, underwriting, and claims information and analytics; compliance and fraud identification tools; policy language; information about specific locations; and technical services. ISO serves insurers, reinsurers, agents and brokers, insurance regulators, risk managers, and other participants in the property/casualty insurance marketplace. ISO is a Verisk Analytics (Nasdaq:VRSK) business. For more information, please visit www.verisk.com/iso.