Bonded Builders Insurance Company: Overview, Contacts, Financials, Services, Coverage, Claims, Reviews

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Discover the comprehensive offerings of Bonded Builders Insurance Company, a trusted Risk Retention Group. Explore our Overview, Contacts, Financials, Services, Coverage, Claims, and Reviews to make informed decisions for your insurance needs/PHOTO COURTESY: Instagram

If you are a contractor, builder, or developer, you know how important it is to have reliable and affordable insurance coverage for your projects.

It is challenging to find an insurance company that understands your specific needs and risks.

That’s why you should consider Bonded Builders Insurance Company

A Risk Retention Group (BBIC), a unique insurance entity that is owned and operated by its members.

In this article, I will explain what BBIC is, how it works, and why it is the best choice for your construction business.

What is a Risk Retention Group?

A Risk Retention Group (RRG) is a liability insurance company that is owned by its members, who share similar liability exposure.

The company  was formed under the federal Liability Risk Retention Act of 1986, which allows them to operate in any state without obtaining a license, as long as they register and comply with certain regulations.

RRGs are designed to provide customized and cost-effective insurance solutions for businesses that face difficulty obtaining coverage from traditional insurers.

What is Bonded Builders Insurance Company, A Risk Retention Group?

Bonded Builders Insurance Company, A Risk Retention Group (BBIC) is an RRG that specializes in providing insurance coverage for the construction industry.

BBIC was formed in 2007 by Bonded Builders Warranty Group (BBWG)

It is a leading provider of home warranties and risk management services for builders and homeowners.

The company offers general liability, builders risk, workers compensation, and umbrella policies for contractors, builders, and developers of residential and commercial projects.

BBIC is domiciled in Vermont and operates in 48 states.

Quick Facts about BBIC

BBIC has over 1,000 members and insures over $3 billion of construction projects annually1.

BBIC has an A.M. Best rating of B+ (Good) with a stable outlook2.

The company has a low loss ratio of 35% and a high retention rate of 90%3.

BBIC has a dedicated claims team that handles claims promptly and fairly.

BBIC has a strong reinsurance program that provides financial stability and security

Why You Should Choose BBIC for Your Construction Business

There are many benefits of choosing BBIC as your insurance partner for your construction business.

Here are some of the main reasons why you should join BBIC:

  • You will have access to comprehensive and tailored coverage that meets your specific needs and risks.
  • The company will give you more control over your insurance program, as you will be part owner and operator of the company.
  • You will be part of a community of like-minded professionals who share best practices and risk management strategies
  • You will receive excellent customer service and support from the experienced staff of BBWG and BBIC.

How to Contact BBIC

Visit their website here for more information.

Conclusion

Bonded Builders Insurance Company, A Risk Retention Group is a great option for contractors, builders, and developers who are looking for reliable and affordable insurance coverage for their construction projects.

If you want to take your construction business to the next level, contact BBIC today and see how they can help you.

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