Cove Programs, an Optio Company, has successfully renewed its Sub-Contractor Default (SDI) underwriting facility for 2021. Cove has increased the amount of premium it can write and can accept longer-term projects.
This will provide continued access to high-quality coverage for U.S. and Canadian general contractors, despite the ongoing Covid-related challenges and uncertainty facing the US construction industry. Cove’s longstanding SDI flagship product can quote $135 million of premium volume and remains one of the largest binding authorities in the London market.
SDI policies can be underwritten with $50 million each-loss limits and aggregate limits of up to $150 million. Capacity for Cove is led by the AXIS syndicate supported by six highly-regarded Lloyd’s and non-Lloyd’s insurers.
Matthew Fosh, Executive Chairman, Optio Group said:
“Despite considerable challenges, the SDI team, supported by Optio company Bay Risk Services, have done a fantastic job in securing one of the largest single-contract binding authorities in the market. We are delighted to once again offer uninterrupted service to our U.S. and Canadian clients, in support of their efforts to rebuild their backlogs as the post-pandemic construction economy recovers.”
John Owen, Head of Marine and Political Risk at AXIS Insurance said:
“AXIS is extremely pleased to work with Optio to lead and support its SDI proposition. With a keen focus on risk management and customer service, Optio has a strong track record in delivering high-quality business to its supporting carriers. Even with the prevailing challenges, Optio continues to provide cover for clients in this specialist class.”
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