Great American Insurance Group Launches New Comprehensive Builders Risk Product to Address Increased Exposures for Construction Projects
CINCINNATI — June 1, 2020 — The Property & Inland Marine Division of Great American Insurance Group is pleased to announce the launch of Cornerstone Complete®, a comprehensive product that addresses increased exposures for construction projects.
As a single, comprehensive and flexible coverage form, Cornerstone Complete replaces three separate builders risk products and aims to be more responsive to the insurance needs of the construction industry. Cornerstone Complete is well suited for project-specific insurance or as a broader blanket policy that includes multiple projects for a builder or developer.
“In recent years, insurance requirements and insurable exposures for construction projects have evolved,” said Art Sieder, Divisional Vice President, Great American Property & Inland Marine. “The standard builders risk coverage form is now insufficient without endorsements, manuscripts or even multiple coverage forms. Cornerstone Complete is the culmination of months of marketplace and industry research around the many exposures and potential financial losses that exist at a construction project.”
Cornerstone Complete enhances Property & Inland Marine’s prior builders risk coverages with broader definitions of covered property, along with various valuation options. In addition to the primary coverage, 23 additional coverages are included. These can respond to potentially overlooked exposures that may not be addressed in other forms unless specifically requested or endorsed. Default limits for the additional coverages will vary based on the size of the covered project but can be modified to meet the specific needs of insureds.
“We’re excited to offer Cornerstone Complete as one of the most comprehensive builders risk coverage forms available,” said Sieder. “The name reflects our ability to provide coverage from the beginning of a project until completion. This, along with our other inland marine coverages, demonstrates our commitment to providing specialty-focused insurance solutions for the construction and building industry.”
To learn more about Property & Inland Marine’s Cornerstone Complete, visit GAIG.com/PIM.
Service Minded. Solution Driven. Specialty Focused. Great American’s Property & Inland Marine Division provides dedicated service and specialized expertise focused solely on property and inland marine coverages. Our agents and insureds get the solutions they need from people they can trust. Coverage description is summarized. Refer to the actual policy for a full description of applicable terms, conditions, limits and exclusions. Policies are underwritten by Great American Insurance Company, Great American Assurance Company, Great American Alliance Insurance Company and Great American Insurance Company of New York, authorized insurers in all 50 states and the DC.
Great American Insurance Group’s roots go back to 1872 with the founding of its flagship company, Great American Insurance Company. Based in Cincinnati, Ohio, the operations of Great American Insurance Group are engaged primarily in property and casualty insurance, focusing on specialty commercial products for businesses, and in the sale of traditional fixed and indexed annuities in the retail, financial institutions, broker-dealer and registered investment advisor markets. Great American Insurance Company has received an “A” (Excellent) or higher rating from the A.M. Best Company for more than 110 years (most recent rating evaluation of “A+” (Superior) affirmed September 11, 2019). The members of Great American Insurance Group are subsidiaries of American Financial Group, Inc. (AFG), also based in Cincinnati, Ohio. AFG’s common stock is listed and traded on the New York Stock Exchange under the symbol AFG.