CANTON, Mass., March 29 /PRNewswire-FirstCall/ -- Construction contractors face particular challenges, including constantly changing job-site conditions, deadlines, weather and transient workforces. Then there are the physical hazards such as property damage and theft. With a thorough understanding of the construction business' unique needs, OneBeacon Insurance Group today announced a powerful new solution to help contractors safeguard their operations.
OneBeacon's Construction @vantage® combines property, equipment breakdown, crime, contractors equipment, builders risk and installation in one state-of-the-art policy for the construction industry. The policy includes 25 new or enhanced coverages, including "green" upgrades; construction documents and models; costs to reerect undamaged scaffolding and forms; delay-in-completion expenses; expendable supplies; and much more. If a loss occurrence triggers multiple coverages, the policyholder pays only one single-occurrence deductible.
"Construction @vantage delivers a tailored insurance package that meets all of a contractor's property and inland marine needs in one policy," said Don Keahon, Vice President and National Manager of OneBeacon's Property and Inland Marine division. "And we back it up with dedicated risk control services to help reduce losses, and claims expertise to effectively manage losses that may occur."
Fighting Equipment Theft
In the highly competitive construction business, the last thing contractors need is to have their equipment stolen. OneBeacon offers its customers an extra layer of protection against construction equipment theft through collaborations with DPL America, National Equipment Register and Lojack. Construction @vantage customers may be entitled to discounts from these vendors; and OneBeacon may apply a deductible waiver, under certain circumstances, for equipment that uses GPS tracking technology.
Keahon said, "A critical best practice is to help our policyholders avoid losses or reduce the financial impact of those that do occur. By joining forces with companies like DPL America, National Equipment Register and Lojack, we can offer our customers in the construction industry the added comfort of proven, reliable solutions for protecting critical assets."
About OneBeacon: OneBeacon Insurance Group, Ltd. is a Bermuda-domiciled holding company that is publicly traded on the New York Stock Exchange under the symbol "OB." OneBeacon Insurance Group's underwriting companies offer a range of specialty and personal insurance products sold through select independent agents, regional and national brokers, and wholesalers. The company's specialty businesses include OneBeacon Professional Insurance, International Marine Underwriters, Entertainment Brokers International Insurance Services, Specialty Accident and Health, OneBeacon Government Risks, OneBeacon Energy Group, A.W.G. Dewar (tuition refund), collector cars and boats written through Hagerty Insurance Agency, OneBeacon Technology Group, OneBeacon Financial Services, OneBeacon Specialty Property, and Property and Inland Marine.
As one of the oldest property and casualty insurers in the United States, OneBeacon traces its roots to 1831 and the Potomac Fire Insurance Company. Today, OneBeacon's specialty insurance businesses are national in scope while personal lines business is concentrated in the Northeastern United States.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included or referenced in this release which address activities, events or developments which we expect or anticipate will or may occur in the future are forward-looking statements. The words "will," "believe," "intend," "expect," "anticipate," "project," "estimate," "predict" and similar expressions are also intended to identify forward-looking statements. These forward-looking statements include, among others, statements with respect to OneBeacon's:
-- change in book value per share or return on equity; -- business strategy; -- financial and operating targets or plans; -- incurred loss and loss adjustment expenses and the adequacy of its loss and loss adjustment expense reserves and related reinsurance; -- projections of revenues, income (or loss), earnings (or loss) per share, dividends, market share or other financial forecasts; -- expansion and growth of our business and operations; and -- future capital expenditures.
These statements are based on certain assumptions and analyses made by OneBeacon in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors believed to be appropriate in the circumstances. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks and uncertainties that could cause actual results to differ materially from expectations, including:
-- claims arising from catastrophic events, such as hurricanes, windstorms, earthquakes, floods, fires, explosions, terrorist attacks or severe winter weather; -- recorded loss and loss adjustment expense reserves subsequently proving to have been inadequate; -- the continued availability and cost of reinsurance coverage; -- the continued availability of capital and financing; -- general economic, market or business conditions; -- business opportunities (or lack thereof) that may be presented to it and pursued; -- competitive forces, including the conduct of other property and casualty insurers and agents; -- changes in domestic or foreign laws or regulations, or their interpretation, applicable to OneBeacon, its competitors, its agents or its customers; -- an economic downturn or other economic conditions adversely affecting its financial position including stock market volatility; -- actions taken by ratings agencies from time to time, such as financial strength or credit ratings downgrades or placing ratings on negative watch; -- the risks that are described from time to time in OneBeacon's filings with the Securities and Exchange Commission, including but not limited to OneBeacon's Annual Report on the Form 10-K for the fiscal year ended December 31, 2009 filed February 26, 2010.
Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by OneBeacon will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, OneBeacon or its business or operations. OneBeacon assumes no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise.
OneBeacon Insurance Group, Ltd.
CONTACT: Maggie Sheehan of OneBeacon Insurance Group, Ltd.,
+1-781-332-7271, msheehan@onebeacon.com
Web Site: http://www.onebeacon.com/
