In a significant move for the construction industry, Vikco Builder’s Risk, in collaboration with K2 Insurance Services and TruStage, has launched an innovative Managing General Agent (MGA) program. This initiative aims to provide specialized excess and surplus lines insurance solutions tailored specifically for construction projects. The new program integrates deep underwriting expertise with strategic partnerships to offer customized coverage that meets the unique needs of builders. With robust capacity up to $20 million and comprehensive catastrophic coverage, this program is set to transform how construction risks are managed in the United States.

A New Era in Construction Insurance Begins

In the heart of the bustling American construction sector, a groundbreaking initiative has emerged. In a strategic alliance between Vikco Builder’s Risk, a division of Vikco Insurance Services, and K2 Insurance Services, an MGA program focused on builder's risk insurance was officially introduced. This program leverages extensive underwriting knowledge and collaborative efforts with key industry players like TruStage and Lloyd’s to craft bespoke insurance solutions for construction firms.

The newly launched program boasts impressive financial backing, offering coverage limits of up to $20 million across all types of construction projects. It provides essential catastrophic coverage ranging from $5 million to $10 million, addressing critical risks such as Tier 1 Named Windstorms, California Earthquakes, and Special Flood Hazard Areas. Policies issued under this program are rated A- or higher by AM Best, ensuring clients receive top-tier protection.

This initiative targets a broad spectrum of construction projects, from small-scale ventures under $1 million to large-scale developments exceeding $100 million. The program accommodates diverse construction categories, including new builds, prior starts, four-wall projects, and utility and infrastructure developments. Through this comprehensive approach, Vikco Builder’s Risk aims to meet the varied insurance needs of the construction industry.

Kaileigh Bowe, Executive Vice President of Vikco Insurance Services, expressed excitement about the launch, highlighting the company's dedication to delivering excellence and stability in the US construction market. Stafford Chisholm, Vice President of P&C Programs at TruStage Specialty Insurance Company, emphasized the alignment of this partnership with TruStage's mission to support niche markets and businesses in protecting their most valuable assets.

This collaboration marks a pivotal moment in the evolution of construction insurance, setting a new standard for risk management and client service in the industry.

From a journalist's perspective, this development signifies a major advancement in the construction insurance landscape. By combining deep industry knowledge with robust financial backing, Vikco Builder’s Risk and its partners are poised to redefine how builders protect their investments. This program not only addresses the immediate needs of construction firms but also sets a benchmark for future innovations in the field. For readers, it offers a glimpse into the evolving strategies that ensure long-term stability and growth in one of America's most dynamic industries.