Abacus Insurance Brokers Inc., a Los Angeles-based program manager that distributes specialty insurance products online through www.abacus.net, has launched an online builder's risk program.
Eligible projects in the builder's risk program include apartments, townhouses, condominiums, dwellings, strip malls, and office buildings. New projects and cosmetic renovations are covered. Coverage is available in 49 states and Washington, D.C., and is insured through an 'A' rated admitted market.
Residential construction projects may be covered up to $1 million in value and commercial construction projects up to $25 million in value. Construction terms are available for up to 24 months.
"Even in the current down economy, construction is still taking place," says Darren Lewin, Abacus VP of program development. "Our program is attractive because it is processed quickly and easily online, with a low minimum premium. Though high limits are available, our program is structured towards projects that are smaller in scope."