The Navigators Group, Inc. announced that its subsidiary, Navigators Management Company, has introduced a new product, NAVCAR(sm), which provides comprehensive builders' risk coverage for owners, developers and contractors. NAVCAR(sm) (Navigators Construction All-Risk) will cover all building materials and supplies for the job, including while in storage and in transit. NAVCAR's(sm) flexible policy form can be extended to provide coverage for the requirements of a specific construction project, such as soft costs, delay in start-up, testing and contract penalties. NAVCAR(sm) is designed for individual construction projects up to $25 million in insured value.
NAVCAR(sm) is underwritten by the Inland Marine Division of Navigators Management Company, and the policy is available on both an admitted and non-admitted basis. Ed Helfers, President of the Inland Marine Division, commented, "NAVCAR(sm) provides our agents and brokers with a flexible insurance solution that can be customized to meet the requirements of the construction project. Our team of experienced underwriters and claims professionals will design an effective claims and loss control program specifically for the exposures at risk."
NAVCAR(sm) is limited to eligible risks subject to Navigators' underwriting evaluation. Customers should consult their insurance broker for underwriting requirements and eligibility and review the policy for actual coverage, limitations, restrictions, exclusions, terms and conditions. Coverage is underwritten on behalf of Navigators Insurance Company and NIC Insurance Company, both of which are rated "A" (Excellent) by A.M. Best and "A" (Strong) by Standard & Poor's. Please contact your insurance agent or one of our underwriting centers for more information.
The Navigators Group, Inc. is an international insurance holding company with insurance company operations, underwriting management companies, and operations at Lloyd's of London. Headquartered in New York City, Navigators has offices in major insurance centers in the United States, the United Kingdom and Belgium.
This press release may contain "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Whenever used in this release, the words "estimate", "expect", "believe" or similar expressions are intended to identify such forward-looking statements. We cannot assure that results that we anticipate will be achieved, since results may differ materially because of known and unknown risks and uncertainties that we face. Please refer to Navigators' most recent Forms 10-K and 10-Q and its other filings with the Securities and Exchange Commission for a description of Navigators' business and the important factors which may affect that business. Navigators undertakes no obligation to publicly update or revise any forward-looking statement.
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