Hutch Underwriting has launched a single project construction product and significantly enhanced its annual construction offering, expanding options for brokers placing risks across residential and commercial sectors. 

The Sydney-based firm says its new single project format provides dedicated contract works cover for one-off builds, covering a single construction project from commencement through to the end of the maintenance period. 

Available for construction projects in Australia below the 26th parallel south, the product provides material damage up to $30 million contract value, with optional legal liability up to $20 million. The combined construction and maintenance period extends up to 48 months.

The product is not available for trades, annual policies, owner builders, or projects involving heavy civils, industrial, or engineering works.

Alongside the new product, Hutch has made two material enhancements to its annual construction product. The maximum contract value has increased from $20 million to $30 million per insured contract, and the available contractors plant, tools and equipment limit has increased fivefold from $50,000 up to $250,000, with a maximum value of $100,000 for any one item. Both limits now align with those available under the new single project format.

"The increases to our annual construction limits, and the appetite to launch a dedicated single project format, are a direct reflection of the confidence our capacity providers have in Hutch and in the construction risks we select. We're able to offer brokers more because the market backs us to do it well," chief underwriting officer Dominique Vagi said.

 Annual construction continues to offer an optional cyber extension as part of the construction pack. The firm says that while most construction underwriting agencies offer cyber as a standalone product, requiring a separate submission, Hutch's annual construction product allows brokers to quote and maintain both in a single transaction.  

Ms Vagi says the product was built around the way brokers work and to a standard they can rely on.