Owners Interest launched across the US
Our US based Construction MGU – Rokstone Construction Risk Underwriters (RCRU) has further extended the cover it can provide on large US construction projects with the launch of a new Owners Interest insurance program.
An Owners Interest policy provides general liability coverage to a property owner during the construction phase, with vital protection in the event of accidents or slips and trips during the construction project, which may otherwise go uncovered.
Capacity has been secured on a non-admitted basis nationwide with Sutton Specialty Insurance Company, rated A- VIII (Stable) (A.M. Best). The newly launched Owners Interest product will continue RCRU’s focus on providing solutions for large US project business between 1-5 years in length. This includes project specific and rolling programs.
The product offers comprehensive coverage terms, including extended completed operations coverage to state statute, with a minimum CV of $50m and minimum deductible of $10k. RCRU carries out contractual indemnification reviews to identify and quantify hazards, and in the event of a loss, has dedicated claims professionals on hand to ensure a speedy resolution.
This new offering presents brokers and their clients with the vital coverage required in an area of the market with very limited capacity. By pairing advanced technology, deep underwriting expertise and claims knowledge in this space, a more efficient and results oriented experience will be created.
Mike Simone, President of Rokstone CRU, comments: “We are wholly focussed on leveraging our knowledge and expertise to find solutions and deploy programs for large complex projects in response to strong broker and client demand. We are excited about our new partnership with Sutton Speciality Insurance and are pleased to have secured this valuable product for our clients. Rokstone is a construction centric MGU that continues to outperform the market thanks to its expertise, service, and disciplined underwriting.”
Richard Isgard, Head of Claims & Partner at Rokstone CRU, adds: “We are excited to provide our clients with this latest addition to our portfolio. Importantly, we take a collaborative approach at Rokstone –so that should a claim arise we have a deeper understanding to provide the optimal claims experience for the client with a dedicated in-house claims team specialising in complex construction claims.”
Shane Haverstick, CEO of Sutton National, says: “We have great confidence in Rokstone. It is an impressive MGU that sets the bar high in the way group underwrites difficult markets. Its strong data led actuarial underwriting approach is best in class and its people are extremely knowledgeable and talented. We’re delighted to partner with Rokstone on this program and we look forward to growing our relationship with them further.”
To learn more, contact the RCRU casualty team directly:
President, Rokstone Construction Risk Underwriters
Michael Simone is president of Rokstone Construction Risk Underwriters.
He joined the group in January 2019 and has over 25 years of experience in underwriting general liability, automobile and workers' compensation coverages for major insurance carriers with a specialisation on large complex construction programs throughout the US.
Michael joined Rokstone CRU from AXA-XL where he served as vice president - underwriting manager, directly responsible for the North East and Western regions operating out of the New York office.
Michael has held a New Jersey property and casualty brokers license since 2003, earned a bachelor of science degree in communications from St John’s University in 1995, and has had construction risk and insurance specialist (CRIS) designation since 2011.
Senior Vice President/Head of Claims, Rokstone Construction Risk Underwriters
Richard Isgard is a partner and senior vice president/head of claims at Rokstone Construction Risk Underwriters, responsible for handling legal issues, drafting and negotiating agreements, and working together with underwriting to create policies and endorsements.
He joined Rokstone CRU at its inception in January 2019. He is an attorney and has handled and managed construction claims for 35 years – 20 years as outside counsel and 15 years on the insurer side.
Outside of work, Richard has many interests, including sand sculpture, tennis, painting, gardening and collecting vintage tools.
“We created Rokstone CRU to provide better products and services to the construction industry. It’s the people at Rokstone who make the difference. Everyone truly cares about each other, the capacity partners and most of all the customers.”
Vice President - Rokstone CRU
Dan McCarthy is the vice president of Rokstone Construction Risk Underwriters, responsible for underwriting and managing the growth of the company’s casualty products through risk selection and pricing.
He joined the Group in November 2021, having previously worked at a Bay Area brokerage firm within its construction team, focusing on all types of contractors, developers, and project business. Prior to that he held underwriting positions at AXA XL and Zurich, focusing on casualty.
Outside of work, Dan loves travelling to new cities with his wife, and spending time with friends and family. He also enjoys golf, and physical activity generally.
“The opportunity for growth in the MGA space is immense. The Rokstone CRU team is filled with talented individuals that, as a team, are the best at executing on our strategy and vision.”