Markets/Coverages: Skyward Specialty’s Renewable Energy Cover; IMA, Parametrix Downtime Policy; Contractor Safety Discounts From Procure, Shepherd

Skyward Specialty Insurance Group is now offering a renewable energy contractors coverage targeting contractors specializing in wind and solar energy conversion systems for private and commercial or industrial purposes.

Skyward Specialty’s coverage primary focus is on contractors who erect and service land-based metal wind turbines and solar power installations or service work following the same risk characteristics. The coverage will include general liability, property, primary commercial automobile, and excess liability.

According to Kirby Hill, president, Captives & Programs, each renewable energy subsector’s insurance risk needs and profile are unique and the standard construction and energy insurance coverages are insufficient to meet the risk management and risk transfer needs of the sector.

Skyward Specialty’s subsidiary insurance companies consist of Houston Specialty Insurance Co., Imperium Insurance Co., Great Midwest Insurance Co., and Oklahoma Specialty Insurance Co.

Insurance broker IMA Financial said it will will make Parametrix Insurance’s downtime coverage available throughout its North American footprint. Parametrix will be integrated into IMA platforms and systems and the companies also will collaborate on marketing , including enterprise assessments and analysis of downtime risks and exposure.

Parametrix’s downtime insurance policies cover financial losses for businesses when outages of the cloud or e-commerce platforms occur. All terms, including the coverage and the damages, are agreed upon in advance.

The Parametrix platform automates risk assessment, provides instant quotes and delivers payments within days. Parametrix is backed by underwriters at Lloyd’s of London.

Procore Software Qualifies Contractors for Premium Savings From Shepherd

Construction management software firm Procore Technologies Inc. has partnered with Shepherd, a startup managing general agency based in San Francisco, to begin offering an integrated insurance product to Procore customers.

Shepherd provides contractors with insurance products that incentivize the use of technology on job sites. Shepherd is offering qualified Procore customers underwriting credits in order to lower premiums, endorsing the idea that technology reduces risk in construction. This program is called Casualty Pro, and starts with excess liability. The company plans to expand this program alongside bringing new casualty products to market.

According to Tooey Courtemanche, founder and CEO of Procore, contractors are not typically rewarded by insurance markets for making risk-reducing investments. “Our partnership with Shepherd offers our customers the insurance coverage they deserve.” Courtemanche added.