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
- Bonded Builders Insurance Company, A Risk Retention Group Phone Number: (800) 749-0381 ext. 3712
- Bonded Builders Insurance Company, A Risk Retention Group Contact Email: email@example.com
Visit their website here for more information.
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.
Insurance Writer, Insurance Blob
Insurance Writing, Regulatory Compliance, Underwriting Insights, Claims Analysis
Evans Brown, a skilled Insurance Writer at Insurance Blob, brings a wealth of expertise to the insurance landscape. Educated at Cambridge University, Evans specializes in crafting informative and engaging content on insurance topics, with a focus on regulatory compliance, underwriting insights, and claims analysis.
Evans’ writing journey is characterized by a commitment to simplifying complex insurance concepts for a broad audience. As an Insurance Writer at Insurance Blob, he excels in creating content that not only informs but also engages readers in the dynamic world of insurance.
Graduating from Cambridge University, Evans Brown gained a solid foundation in insurance principles and an analytical approach to problem-solving. His educational background uniquely positions him to interpret and convey insurance intricacies to a diverse readership.
Evans contributes informative and accessible articles, demystifying insurance concepts for readers of all backgrounds.
Staying well-versed in insurance regulations, Evans ensures that his content aligns with the latest compliance standards.
With a focus on risk assessment, Evans provides valuable insights into underwriting practices and strategies.
Evans delves into the complexities of claims analysis, shedding light on the intricacies of the claims process for readers.
Based in Missouri, Evans Brown infuses a regional perspective into his writing, considering the specific nuances of the insurance landscape within the state. His dedication to producing quality content makes him a valuable contributor to Insurance Blob’s mission of educating and informing its audience.