Agile offers construction cover in Australia
Insurtech Agile Underwriting Services has partnered with the Munich Re Syndicate at Lloyd’s to offer construction insurance to the Australian market.
Construction All Risk (CAR), also known as contractors all risk or contract works, will provide comprehensive cover for construction, building and civil engineering projects.
Erection All Risk (EAR) material damage will also be available, covering the installation and erection of complex machinery, including during testing and commissioning.
Agile’s latest offer will initially be available to brokers via the construction team, headed by Sydney-based engineer and underwriter Simon Garske. It will eventually also be offered via its online platform which digitises manual transactions.
Agile says its construction underwriting team has a deep understanding of diverse technological risks and the procedural and contractual challenges faced by modern projects.
“We’ll consider a wide range of project types and industries, focusing initially on single projects and then annuals as we grow the portfolio. We’ll also consider co-lines,” Mr Garske said. “Agile will partner with brokers and their clients in risk management for construction projects, large and small.”
The construction team also is developing other innovative products, he said.
Agile now has 12 binders, including accident & health, aviation, casualty, construction, cyber, drones, financial lines and retail travel.