A specialist underwriter has launched a new product it is backing to be a major game-changer in the construction market.
eSentry unveiled its new Combined Construction Policy last week, allowing contract works policies to be easily extended to include professional indemnity (PI) cover.
eSentry Managing Director Adrian Martin says the creation of a single policy that includes material damage, legal liability and PI eliminated gaps in coverage and greatly sped up the process.
“Every builder will have some element of design or project management to their activity, which is a massive exposure, but PI insurance has been difficult for them to get. There are not many insurers writing it and the cost can be preventative,” he says.
“Every builder should have PI cover, and we’ve priced it at an affordable level so that SME builders can actually now go and buy this.”
Martin says the product has been designed to make it as easy as possible for the broker to use.
“The way we operate is focused on an SME-type client so our online model has to be highly efficient. Since 2011, we’ve operated as what we call whole life-cycle,” he says.
“We believe what we’re doing is the future. Every element of the transaction – the quote, the bind, the endorsement, the renewal – is done through the same system so you can write business really efficiently and quickly.”
eSentry is an agency of Tokio Marine and Nichido Fire Insurance.