Vikco Builder’s Risk Insurance Program Launches
Vikco Builder’s Risk, a new division initiated by Vikco Insurance Services and backed by K2 Insurance Services, has announced the launch of its specialized Managing General Agent (MGA) program focusing on Builder’s Risk Insurance within the excess and surplus lines market. This innovative program is designed to cater to the construction industry's diverse needs, leveraging extensive underwriting experience and valuable industry partnerships.
Extensive Coverage Tailored for Builders
The Vikco Builder’s Risk program is a collaborative effort with well-established players in the U.S. market. It prides itself on offering substantial coverage capacity, reaching up to $20 million for various construction types. The initiative also provides critical coverage for catastrophic events, such as California earthquakes and significant windstorms, ensuring safety against unforeseen calamities. The policies are structured on non-admitted paper, rated A- (Excellent) or superior by AM Best, thereby ensuring credibility and reliability.
Policy Features and Target Classes
Targeting an expansive range of projects, the Vikco Builder’s Risk insurance covers new constructions as well as existing projects, including utility and infrastructure developments. Coverage limits vary, with policies designed for projects valued between $1 million and $100 million and beyond, allowing for flexibility and scalability in coverage options.
Leadership Commitment to Customer Solutions
Executive Vice President of Vikco Insurance Services, Kaileigh Bowe, expressed enthusiasm for the launch, stating, “We’re thrilled to officially introduce Vikco Builder’s Risk in alliance with such prominent industry leaders. This launch exemplifies our focus on delivering excellent underwriting practices and solutions that truly prioritize the needs of the customers within the U.S. construction market.”
Strategic Partnership with TruStage
Along with K2 Insurance Services, Vikco has partnered with TruStage to enhance its offerings. TruStage, known for its specialization in niche markets, complements Vikco’s extensive underwriting expertise significantly. Stafford Chisholm, Vice President of TruStage Specialty Insurance Company, noted this partnership aligns with their objective of expanding their program business portfolio, saying, “We are proud to collaborate with Vikco and K2 Insurance Services, whose in-depth knowledge in Builder’s Risk insurance makes them an incredible ally in the construction sector.”
About Vikco Insurance Services
Vikco Insurance Services is distinguished in the Commercial Difference in Conditions/Earthquake Shock market. Renowned for reliability, professionalism, and a profound understanding of the insurance landscape, Vikco focuses on rate-driven underwriting. This method allows the company to mitigate premium fluctuations typically experienced by clients, ensuring more predictable insurance costs.
About K2 Insurance Services
K2 Insurance Services operates as a comprehensive insurance services holding company, overseeing a range of MGAs and managing more than $1.5 billion in annual premiums across various niche insurance sectors. Guided by an expert team, the company strives to deliver personalized insurance solutions to its partners and clients through innovative programs.
About TruStage
TruStage is a highly regarded insurance, investment, and technology provider, rooted in the idea of supporting individuals toward a brighter financial future. The organization is dedicated to creating equitable financial solutions and giving back to communities, emphasizing its commitment to making meaningful contributions. It operates under the assurance of providing valuable insurance products through reputable channels.
Frequently Asked Questions
What is Vikco Builder’s Risk?
Vikco Builder’s Risk is a specialized insurance program launched by Vikco Insurance Services that targets the needs of the construction industry, focusing on excess and surplus lines insurance.
Who is behind Vikco Builder’s Risk?
The program is developed by Vikco Insurance Services in partnership with K2 Insurance Services and other established entities in the market.
What types of projects does the insurance cover?
It covers a wide range of construction projects, from new builds to existing structures, with coverage limits suited for varying project values.
What benefits does Vikco Builder’s Risk offer?
This program offers extensive coverage up to $20 million, tailored for the construction sector, including essential coverage for significant risks like earthquakes and windstorms.
How does Vikco ensure premium stability for its clients?
Vikco adopts a rate-driven approach to underwriting, minimizing the volatility of premiums for clients compared to traditional insurance models.
