MGA reveals why contractors need specialized solutions
General contractors have some of the most rapid and dynamic work conditions of any profession, but that same characteristic exposes them to a “distinct risk portfolio,” a specialist managing general agent (MGA) has pointed out.
Typically speaking, general contractors face risks such as litigation or claims involving potential property damage, as well as bodily injury on a third-party job site. These uncertainties underline how important it is for contractors to have adequate insurance coverage, especially for an industry that is constantly in flux.
“At CHES Special Risk, we have a broad contractors insurance appetite, and our creative solutions are designed to meet the highly specific needs of a very diverse and developing group of contractors,” said CHES Special Risk senior underwriter Rachana Patel.
MGAs like CHES Special Risk specialize in writing policies for complex businesses such as contractors. CHES Special Risk can write specialist coverage solutions for contractors involved in:
Work with concrete and cement
Restoring businesses (excluding sandblasting)
Concrete formwork & masonry
Work done by general contractors
Foundational arches made of masonry
Metal on metal and masonry
Coating for metal
Performing roadway and sewer cleaning
Repairing septic tanks and steel platform balconies
Caulking and glazing
“We can provide CGL, EIL and professional liability. New ventures/new contractors, as well as contractors with claims, can also be covered by our policy,” said Patel.
“At CHES, our highly collaborative process of curating Insurance coverage for dynamic sectors leverages our knowledge and experience; our diversity of thought, skills, and competencies enables us to offer innovative solutions to meet the demands of evolving sectors such as contractors.”
Read more: 5-Star Construction 2022
CHES Special Risk is one of Insurance Business Canada’s 5-Star Construction 2022 winners. Specifically, the MGA is a winner in the builder’s risk/course of construction, commercial and contractor general liability, general contractors, and specialty trade contractors categories.
