US Assure, the exclusive program administrator for the Builders Risk Plan insured by Zurich, expanded eligibility for its online six-question application with no underwriting holds, increasing speed and ease of use for insurance agents. XPressBIND® is US Assure’s newest released automated application for new home construction projects valued up to $1 million. The previous eligibility limit was $500,000. XPressBIND is an addition to US Assure’s existing proprietary online issuance platform for risks valued up to $75 million.
A surge in residential building costs, along with US Assure’s customer experience focus, were catalysts for expanding XPressBIND eligibility. “Supply chain issues in the construction market, economic inflation and upward trends in housing prices have contributed to an increase in new home construction costs since 2020,” explains Steve Bristow, senior vice president, head of operations for US Assure.
“The same home just isn’t being built today for the price it was a few years ago, and that’s probably not going to change much in 2024 given high demand. So, increasing eligibility allows more projects to automatically flow through the XPressBIND application without an underlying change in risk.
“Through XPressBIND, US Assure continues to provide their agents a simple, streamlined way to quote and issue builders risk coverage for those residential projects with the lowest risk,” says Bristow. US Assure’s builders risk program is available countrywide and requires no volume or premium commitment to do business.
In rapid time with no underwriting holds, a registered agent can quote and issue a policy online after answering these six application questions:
1. Is this a single-family dwelling with a total completed value of $1 million or less?
2. Does the contractor have at least two years of project-related experience?
3. Is the home more than 30% complete?
4. Is this a modular home?
5. Is the protection class 9, 10 or ending in X?
6. What is the proposed effective date of the policy?
After conversing with agency partners, US Assure made an intentional effort to find ways to reduce the underwriting process beyond the speed at which it was already done. “We expanded eligibility for streamlined underwriting through XPressBIND to recognize that underlying builders risk hazards remained similar even though the construction project value went up,” says Bristow.
US Assure aims to deliver the easiest-to-access program for builders risk insurance, so agents get the best experience, refined over time as needs shift. That includes limiting unnecessary underwriting to give business partners time back in their day. “XPressBIND is a prime example of how agent feedback can lead to a best-in-class solution,” says Bristow.
Independent agents can register and instantly access the US Assure Builders Risk Plan insured by Zurich by visiting usassure.com.
About US Assure
US Assure distributes, underwrites and services construction and property insurance products across the U.S. for “A” rated carriers — and we’ve done so for more than 45 years. Our expertise lies in builders risk coverage, exclusively backed by Zurich. From single-family homes to commercial projects valued up to $75 million, we’ve got you covered during construction, from the time the ground is cleared to the installation of the final finishes. Additionally, we supplement this with products for premises liability, vacant structures and rental homes. We offer quick access to our products, provide online policy issuance and expect no minimum volume commitment to get started.