Wind Deductible Buyback
Offered by Innovation Growth Partners Specialty, LLC (IGP Specialty)
Wind Deductible Buy Backs Builders RiskDescription
An Additional Layer of Protection for the Insured
High insurance deductibles, often required in wind-prone areas, can add financial exposure to unprepared property owners and construction companies. Wind Deductible Buyback coverage provides an additional layer of protection in areas where requirements for insurance deductibles have significantly increased, along with satisfying new Lender requirements, that are requiring lower deductibles that current primary insurance carriers are not offering.
Wind Deductible Buyback coverage on Builder’s Risk coverage can be written on both commercial and residential properties during construction. Typical policy terms are 12 months; for builder’s risk policies, the maximum length of the policy is up to 18 months. Soft costs will be excluded from coverage. Wind Deductible Buyback coverage can be written with or without an annual aggregate limit and can be written for wind in general or named windstorms only.
We are the Coverholder for Lloyd’s of London on our in-house program.
Target Classes
All construction types, excluding exterior insulation finishing system (EIFS).
- Fire-resistive
- Modified fire-resistive
- Non-combustible (ISO class 3)
- Masonry non-combustible
- Joisted masonry
- Frame (restrictions apply)
Coverage Terms
- Commercial property: 12 months
- Builder’s Risk: Commercial and residential policy terms up to 36 months
Requirements and Exclusions
Eligible territory
All states; primary focus for all Convective Storm exposed states, along with East Coast and Gulf Coastal states.
Retentions
- TIV more than $2.5 million up to $5 million: minimum of $2,500
- TIV more than $5 million up to $10 million: minimum of $5,000
- TIV more than $10 million: minimum of $10,000
These retentions, along with East and Gulf Coast locations, may be higher depending on the construction of the exposed buildings and five-year prior wind and hail loss history
Maximum limits
- $1.5 million maximum limit per occurrence—in-house authority
- Up to $5,000,000 per occurrence, upon referral and approval
Maximum insured value (TIV)
- $100,000,000 any one location
- Over $100,000,000 upon referral and approval
Submission Requirements
- Our one-page application and SOVs are not needed on single building risks with a completed application
- ACORD applications, including current overlying W&H deductibles and the retention requested
- SOV (including all construction and roof information—year built, year updated), on schedules with more than a single building
- Five-year property loss history
Offered By
Innovation Growth Partners Specialty, LLC (IGP Specialty)
28 listings in 50 states + DC
View CompanyAvailability 49 states
Covered
Not Covered
