CASE STUDY
Texas Contractor Leverages Their Use of Technology to Significantly Reduce Builder’s Risk Premium
Procore Risk Advisors Works with GC to Deliver Expert Contractual Reviews, Superior Insurance Terms, and Broader Coverage
The Challenge
A southern-based contractor headquartered in Texas was about to embark on the construction of four apartment buildings, complete with a clubhouse, maintenance facilities, and a pool, totaling 60 units. The contractor is renowned for delivering high-quality housing communities through diligent market practices, strategic planning, and dedicated work ethic.
However, the contractor faced challenges in obtaining competitive pricing for Builder's Risk insurance, compounded by the project's location in Texas—a notoriously tough insurance market—and the use of wood framing, which heightened inherent risks.
The Solution
Procore Risk Advisors assisted the contractor with procuring a tailored solution. Leveraging the contractor's operational excellence and Procore utilization, Procore Risk Advisors collaborated with carrier partners and crafted an underwriting narrative that showcased the contractor's track record, resulting in significantly reduced premiums and an exceptional insurance quote.
In addition to placing Builder's Risk coverage, Procore Risk Advisors reviewed the contractor’s policies and recommended project-specific General Liability and Excess insurance. Throughout the process, the expertise from Procore Risk Advisors proved invaluable. The team performed comprehensive contract reviews to understand the complexities with multiple entities and made sure the insurance was properly placed—rectifying issues that the contractor hadn't realized existed.
The Results
Ultimately, Procore Risk Advisors' partnership with the contractor demonstrated tangible value by securing better rates, navigating contractual complexities, and ensuring proper insurance coverage. Through this collaboration with all project stakeholders, including the contractor, the project owner, and the lender, the contractor not only overcame insurance challenges but also reinforced their reputation for integrity and excellence in the multifamily market.
LOCATION
Texas
FIRM TYPE
General Contractor
Procore Risk Advisors (PRA) is a brand of Procore Insurance Services, Inc., a modern insurance brokerage offering Surety and Insurance products with its principal place of business at 221 W 6th Street, Suite 1800, Austin, TX 78701. Licensing Information
PRA-132-04-24-2024