Subcontractor Default Insurance
Designed for general contractors
Coverage for direct and indirect costs of subcontractor defaults for general contractors with annual volumes of $50m to $2b in annual construction value.
Key features
- Indemnification coverage.
- 2 year policy term available, plus extended warranty period.
- Each Default Limit of $50m.
- Policy Aggregate Limit of $100m.
- Indirect Cost Limit of $5m. Project Specific. GC’s interest only.
- Rolling, multi project – defined project portfolio.
- Annual (or multi-year) Practice, General Contractors or Owners Interest if owner performs the functions of a GC.
- Minimum SIR of $500,000 and 10% co-pay.
One of the biggest challenges faced by commercial general builders is risk of subcontractor non-performance. With the experience and insights offered by Cove’s SDI risk engineers and account executives, we can not only help our clients better manage subcontractor performance risk, but can also help them become better contractors and better businesses.
Do you have a question about our Subcontractor Default insurance product?
