IMA Places a $36M TIV Builder's Risk for Tapani with Shepherd

The contractor and the project

Tapani is a Washington-based civil contractor with an established Master Builder's Risk program that supports its ongoing book of work. The project in question: a $36M new construction site and roadway modification including bus station shelters and a bus-only access road over a 2-year term in Washington state.

For a contractor with a Master BR program, the default is to roll new work into the existing structure. The default works until a project's profile does not fit the Master's parameters, at which point the contractor needs a project-specific placement that can stand alone without compromising on coverage terms.

The placement challenge

A standalone placement outside of Tapani's existing Master Builder's Risk program. The broker needed a 100% single-carrier solution for this project, which meant going to a market that could:

• Underwrite a civil and site project with transit infrastructure components on its actual characteristics, not a generic vertical-construction category
• Move at the cadence the contractor's Project Risk Services team needed to review and sign off
• Stand up next to a working master program without creating coverage gaps or overlaps

Shepherd had recently launched a dedicated Builder's Risk unit backed by industry leadership and deep technical expertise. The broker was positioned to bring a complex project-specific BR opportunity to a market she already trusted on the casualty side.

How the broker brought it together

Bethany Sutherland at IMA had a working relationship with Shepherd from prior excess liability placements on several construction accounts, including Tapani. The excess work had consistently gone well; she had a read on Shepherd's responsiveness, underwriting strength, and the collaborative approach the underwriting team brought to construction placements.

“I had previously worked with Shepherd on excess liability placements for several construction accounts and have consistently had positive experiences. When Shepherd launched its Builder's Risk unit, I was eager to partner with them, particularly given the strength of their underwriting leadership and the involvement of industry respected builder's risk expertise in developing the program,” Sutherland said.

When Shepherd's Builder's Risk unit launched (with the underwriting leadership Bethany respected and recognized industry BR expertise built into the program), extending the relationship into a complex property placement was a natural next step. The submission landed at Shepherd with the trust already in place from the excess work.

What Shepherd did on this placement

Shepherd provided an indication back to Bethany in less than a day and the proposal that followed was well-structured and tailored to the project's specific risk profile (civil and site work, not standard vertical construction). The team demonstrated a clear understanding of construction exposures and of the nuances that come with projects exceeding traditional master program thresholds.

Responsiveness was a defining factor through the placement. Shepherd engaged proactively, addressed questions in real time, and provided the clarity that supported a smooth internal review by Tapani's Project Risk Services team. The proposal won on balance: speed and flexibility, coverage, structure, and competitive price.

The outcome

Tapani placed a project-specific Builder's Risk that fits the work, with the Master program left clean for its standard book. IMA extended a trusted excess relationship into a new property line on the contractor's behalf, and Shepherd's new BR unit confirmed it can carry weight on civil and site projects that exceed master-program thresholds.

"Shepherd continues to differentiate itself through its speed to market, disciplined underwriting, and high-quality insurance solutions. They are valued partners, and I look forward to continuing to work with them as our relationship grows," said Sutherland.