What is the story about?
What's Happening?
NBS Underwriting has introduced a new contractors combined product, backed by A-rated capacity from Hadron and Accelerant. This product consolidates existing core covers into a single streamlined offering, targeting low-to-medium hazard construction risks across over 50 trades, including general builders and electrical contractors. The coverage includes professional indemnity, property damage, theft, all risks cover, and excess of loss up to £10 million. Additional options such as contract works, plant and tools, and business interruption protection are also available. The product aims to provide brokers with a straightforward solution that saves time while delivering robust protection for their clients.
Why It's Important?
The launch of this product is significant for the construction sector, particularly for brokers who require comprehensive and easy-to-place insurance solutions. By offering a consolidated product, NBS Underwriting enhances its proposition in the construction industry, potentially increasing efficiency and reducing complexity for brokers. This development may lead to better risk management and protection for construction businesses, supporting their operational stability and growth. Brokers stand to benefit from streamlined processes and improved client satisfaction, which could strengthen their market position.
What's Next?
NBS Underwriting's new product may prompt other insurance providers to innovate and streamline their offerings to remain competitive. Brokers might explore additional opportunities to leverage this product to expand their client base and improve service delivery. The construction sector could see increased adoption of such comprehensive insurance solutions, potentially influencing industry standards and practices.
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