Subhead: Modern Construction Risk Management Tool Provides Alternative to a Bond
NEW YORK, April 25, 2023 /PRNewswire-PRWeb/ -- Jencap Group LLC (Jencap), one of the nation's largest wholesalers, is announcing its exclusive partnership to distribute a new product to the construction insurance market — Project Completion Insurance (PCI).
"I see a tremendous amount of potential with this PCI product," said Canaan Crouch, managing director of Jencap, "It's new, it's innovative and it doesn't exist anywhere in the marketplace at this time."
In the economic state of the construction industry, which includes increased material prices, supply chain delays, and construction labor shortages, risks associated with construction projects continue to increase. Although the borrower is responsible for the costs of a project, the lender actually takes on the majority of the risks, as it is their funding that supports the project.
PCI offers the extra protection a lender needs to have confidence in their construction lending practices. It is an easy, proactive solution that avoids the hassles and delays of bonds in the event of borrower default.
PCI is particularly innovative because it serves as a new type of insurance added on to the comprehensive construction risk management services required for the loan in the event of general contractor default. Having PCI in place completes a lender's risk management profile to include financial protection in the event of borrower's default.
"Jencap's extensive network and commitment to customer satisfaction is why we have chosen them as our distribution partner for Project Completion Insurance," said Isaac Stern, executive director, SureBuild. "We are confident that our product will reach the right audience at the right time with Jencap's strength in size and power in partnership."
This product is ideal for retail agents with a consolidation of construction business, a surety practice, or a client who is unable to be bonded for a variety of reasons including having already reached their bonding capacity. PCI is available in 40 states. More information may be found at http://www.jencapgroup.com/pci.
About Jencap Group
Jencap is one of the largest wholesalers in the U.S. with notable industry-leading expertise in wholesale brokerage, binding authority, and program management. Its specialized divisions and affiliate organizations provide niche underwriting prowess, broad market access, and nationwide influence. Headquartered in New York, Jencap leverages its collective power to exceed the expectations of more than 20,000 independent agency partners. For more information, visit: JencapGroup.com.
About SureBuild℠
SureBuild℠ Project Completion Insurance provides an easy and proactive solution to mitigate construction lending risks, offering a reliable alternative to traditional bonding for construction projects. With policy limits of up to 100% of the construction contract amount, SureBuild℠ is an excellent choice for construction financing, whether borrowers are unable to obtain bonding or simply prefer an alternative. SureBuild℠ is written on AM Best rated A (Excellent) XV, Lloyd's of London paper, ensuring that lenders receive the highest quality protection on their construction loans. For more information visit SureBuild.com
Media Contact
Kathryn Smith, Managing Director of Marketing, Jencap, 678-951-5183, [email protected]
SOURCE Jencap
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