Estimated reading time: 4 minutes
When contractors think about general liability, the default is often an annual Contractors General Liability insurance policy. It makes sense—it covers ongoing operations, supports multiple projects throughout the policy term, and is familiar to everyone involved.
But not every project fits neatly into that model.
For certain construction projects, a project-specific policy may provide a better solution for the owner, contractor, lender, and broker.
A lot of brokers don’t know that we can write project-specific business.
-Natalie Birkhold, Team Lead, Casualty Underwriting
Many brokers are familiar with project-specific insurance coverage, but fewer realize Admiral is an experienced market for these opportunities.
Where Project-Specific Insurance Can Add Value
Project-specific coverage isn’t the right fit for every account, but there are situations where it can provide meaningful advantages for the owner, contractor, and broker.
Here are a few scenarios where it’s worth considering:
- Larger commercial construction projects
- Owner-required insurance programs
- Projects with unique contractual obligations
- Developments involving multiple contractors or subcontractors
- Accounts with lender-specific insurance requirements
In these situations, a dedicated project-specific insurance policy can provide coverage tailored to the individual project rather than trying to fit everything under an annual program.
The right coverage solution isn’t always the one that’s been used in the past. Evaluating each project on its own merits can open the door to options that better align with the needs of the owner and contractor.
Don’t Overlook Owner’s Interest Coverage
Owner’s Interest coverage is another area that deserves consideration when evaluating project-specific risks. Many project owners want protection specifically designed for their interests throughout the construction process. Whether driven by contractual obligations or lender requirements, Owner’s Interest can be an important part of a project’s overall risk management strategy.
While Owner’s Interest has long been part of our underwriting capabilities, it’s not always top of mind when brokers think of Admiral.
Strong Project Information Leads to Better Solutions
The quality of the submission often determines how quickly an underwriter can evaluate available options.
The more complete the submission, the faster we can focus on structuring the deal instead of requesting additional information.
Helpful documentation includes:
- Supplemental applications
- Project details and scope of work
- Contract information
- Loss runs
- Information on subcontractor controls and risk transfer
A brief summary in the submission email can also make a significant difference. Let us know what the project is, what you’re trying to accomplish, and whether there are any unique challenges or timing considerations. That allows us to triage the opportunity quickly and begin evaluating the best approach.
Use Admiral’s submission checklist to be sure you’ve captured everything.
Flexibility Matters
Every project is different.
One of our team’s strengths is the flexibility to structure solutions based on the individual account. Rather than relying on multiple referral layers, our underwriters have the authority to make many pricing and coverage decisions at the desk level.
That means fewer delays, faster decisions, and a more collaborative underwriting process.
We have a lot of flexibility when it comes to pricing and terms, so we can tailor our quotes to what the broker and the insured need.
— Natalie Birkhold, Team Lead, Casualty Underwriting
Sometimes the answer is straightforward. Other times it requires a conversation about pricing, forms, sublimits, or deal structure.
Those are conversations we welcome.
You May Be Missing Project-Specific Insurance Opportunities
If you haven’t thought of Admiral for project-specific insurance business, it may be time to take another look. Every project is different, and so is every solution. That’s why we believe the best place to start is with a conversation.
Our Seattle Casualty team combines responsive service, underwriting flexibility, and the ability to structure solutions around the needs of each project. Whether it’s Project-Specific coverage, Owner’s Interest, or another challenging Contractors account, we’d welcome the opportunity to review it.
Quick Answers from the Underwriter
What is Project-specific General Liability coverage?
Project-specific General Liability provides coverage for a single construction project rather than an annual portfolio of work. It is commonly used for larger or more complex projects where dedicated coverage better aligns with the needs of the owner, contractor, or lender.
When should a broker consider Project-specific Contractors insurance?
It may be appropriate for larger commercial projects, owner-required insurance programs, projects with unique contractual requirements, or developments involving multiple contractors and subcontractors.
Does Admiral write Project-specific Contractors business?
Yes. Our Seattle Casualty team is actively growing its Project-Specific Contractors portfolio on the West Coast and welcomes opportunities to review these accounts.
What helps an underwriter provide a faster quote?
Complete submissions make the biggest difference. Supplemental applications, project details, loss runs, contract information, and a concise submission summary all help us evaluate an account more efficiently.
What information is most important for project-specific submissions?
Project scope, construction details, subcontractor controls, contractual risk transfer, loss history, and any owner or lender insurance requirements all help us structure the most appropriate solution.
How can I get a quick indication?
If you need a quick indication, send us the key project information, explain what you’re trying to accomplish, and include any available applications or loss runs. Even if the submission isn’t fully complete, starting the conversation early allows us to provide guidance on what we’ll need next.
