Construction Indemnity Group
Insurance - , ,
Construction Indemnity Group Employees
Construction Indemnity Group Details
Construction Indemnity Group (CIG) offers its Construction Contract Protection product in all states. The coverage, which is backed by Prime, is designed to protect contractors from losing funds to non-paying customers. CIG comes in as an intermediary between its policyholders and their non-paying customers by taking over the account in the event that the contractor files a lien to recoup money. CIG has been overwhelmed by robust support from the broker community for the coverage, which launched last spring. Many brokers are bundling the coverage with other products, creating tailored packages to fit their clients' needs. While CIG anticipated interest to come principally from smaller artisan contractors when it introduced the coverage last spring, inquiries have come from far and wide, with medium-sized contractors and larger suppliers and manufacturers of goods and services expressing the most interest thus far. This is most likely a sign of the tough economic times, as the economic climate has led to shrinking budgets for some smaller contractors to accommodate only the very basic necessities. To that end, however, CIG worked with Prime to make the coverage affordable, with premiums starting at $1,000 and deductibles at $250. The coverage can be initiated with 10 percent down and guaranteed financing. Limits start at $25,000 and can extend up to $500,000. Todd Golin is principal at Illinois-based CIG.
