Builders & Tradesmen’s Insurance Services (BTIS), an insurance intermediary focused on serving small businesses, has launched an exclusive contractor insurance product.
VETA, an exclusive General Liability insurance coverage option, was launched in a bid to meet the niche needs of construction remodelers and artisan contractors.
VETA is currently accessible in California, with nationwide availability planned later this year. More than 35 classes of construction trades are offered, including two separate remodelling classes, Interior and Interior & Exterior – to provide a tailored approach to different remodelling exposures.
According to BTIS, bundled class codes and easy-add tool packages are just a few of the features that make this product distinct. Coverage is provided by an “A-IX” rated non-admitted carrier.
Remodelling expenditures in the US amounted to $418bn in the third quarter of 2022. BTIS said this represents an upward trend of spending that has been rising since 2015. As the demand increases for insurance coverage on these projects, it is crucial to address the liability concerns unique to this market, the company added,
Paul Hohlbein, co-president of BTIS, said, “BTIS is thrilled to be the exclusive provider of the unique VETA insurance product.
“With 35+ class codes and new construction allowed on all classes, including framers, we are making it easier than ever before for agents to secure the right contractors coverage for the job. We look forward to expanding the reach of this unparalleled product to bring security to a wide range of contractor businesses.”
Philip Massaro, vice president of underwriting at BTIS, added, “BTIS is already known in the industry for providing superior insurance products, and the addition of VETA adds even more variety to our robust list of offerings. By offering a unique coverage solution with a laser focus on remodellers, we hope to supply a product that meets the current demands of the industry in an effective, streamlined manner.”
Last year, Mutual insurance company Builders adopted technology from Gradient AI, an enterprise software provider of artificial intelligence (AI) solutions to the insurance industry.
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