Did you know that MSAA has an awesome market for your large construction accounts? Travelers is open for business not only on the small artisan contractors but also on the large construction risks.
I recently sat down with Bill Anderson, Account Executive-Officer for Construction from Travelers’ Charleston office. During our conversation Bill laid out the submission guidelines, construction specialization and appetite, specialty coverages available, and some of the types of large contractors that Travelers had recently written, including General, Utility, Electrical, Plumbing/HVAC and Bridge/Heavy Highway contractors.
Many agents are intimidated by large accounts and I admit that they can be a little complicated. But they also can be very rewarding, both from the high compensation and the chance to round the account further by writing any sub-contractors they may use. As for complication, MSAA members have an advantage: you have the resource of MSAA staff to help you through, even to the point of having someone go with you to visit the account.
The submission guidelines are fairly simple. They include a minimum of $750,000 GL payroll (on trade contractors under $750K submit to Select), 5-year updated company generated loss runs, copies of any Executed Subcontract agreements, a current financial statement, a list of any work in progress, and, of course, a completed Acord application.
The specialization and appetite are broad and offer total package pricing. They are very aggressive on the Worker’s Compensation line so long as it is part of the package. The also have great risk control: onsite, online, and on demand. They also have dedicated GL claim professionals to help your clients develop resolution strategies to best manage costs. SIC codes include 1500, 1600, and 1700. They do not write roofers or residential contractors. Among the specialty coverages offered are Construction Surety, Professional Liability, Environmental Liability, and Cyber Risk. Don’t forget to add EPLI!
In other news, MSAA continues to have 2017 Profit Sharing, Growth Bonuses, PMSF, and other contingency checks roll in, making 2017 our best year yet! Make plans now to attend the Show Me The Money Meeting, Thursday April 12th, to get your share of the treasure!
On a separate note, please remember to save the date:
MSAA Annual Conference- Wednesday, August 22nd