NEW YORK, NY - Hiscox announces that it is now offering construction industry insurance to the U.S. market.  Hiscox's Construction Insurance team will be underwriting individual risks such as Construction Property coverage, which will extend beyond the traditional builders risk policy cover and address the needs of the construction contractor and developer segments of the industry.

John Tutera, Vice President, Construction Property, has led the development of the new product line in the U.S. He joined the company in December 2008 from Lexington Insurance Company, where he was a Vice President and Product Line Manager in Construction Property.  John has held positions with Zurich American Insurance Group, Reliance National Risks Specialists and CIGNA and has more than thirty-five years' experience in the insurance and construction industries.

According to Tutera: "Despite the impact the economy has had on the construction industry, there is still a need for construction property insurance, particularly for construction managers, general contractors, engineering, architectural firms and developers. Our underwriters are specialists in this sector and are working closely with clients to provide services that will help them keep a strong foothold for when the economy and the industry itself rebounds."

Hiscox will be offering Construction Industry cover of all types, including but not limited to:

• Project specific builders risk (large lines and middle market clients) - Designed for large projects generally over $100,000,000 in contract value and medium projects generally under $100,000,000 in contract value, respectively.
• Master builders risks - Designed to be flexible to meet the varying insurance requirements encountered from project to project and supplement coverage provided by an owner or contractor so that combined coverage can afford the same protection as if purchased on an All Risks basis.  When needed, policyholders can elect coverage for damage to existing property at the project site, delay in completion or flood, earthquake and named windstorm coverages in catastrophe prone areas.
• Builders risks based on annual capital expenditures and/or annual contract revenues - This product is designed for capital improvement projects to provide renewable "blanket" coverage for projects that may extend past their anticipated periods and with a different scope of builders risk work.  For example, a school district with a capital budget for project work of $1 billion over a five-year period could extend to 8-10 years due to unanticipated delays with construction, which would require additional coverage.
• Design - build - operate projects (also known as public private partnerships) - Coverage combines project specific builders risk with operational coverage.  For example, the development of infrastructure works such as toll roads, highways, bridges and water treatment facilities, but not limited to these classes.
• Contractors block coverage - A package policy exclusive of casualty lines to address contractors' needs for insurance on their fixed assets (real and personal property normal to their operations) including contractors' equipment (owned, leased, rented and/or borrowed), installation floater/builders risk and option to include boiler and machinery breakdown coverage.
• Home builders coverage - Similar to contractors block policy, encompassing all the above coverages including construction for single and multi-family homes.
• High-end home builders - Cover for builders that construct up to one dozen homes per year or single high-valued residences.