Shepherd Expands from Casualty to Builder’s Risk on a $61M UT Manufacturing Facility
Placement Profile
- Program: CCIP casualty, plus Project-Specific Builder’s Risk
- Primary GL: $2M / $4M / $4M
- Lead Excess: $10M
- Builder’s Risk: $61M TIV
- CAT limits: $10M Earthquake, $10M Flood
- Project: 233,000 SF tilt-wall industrial manufacturing facility in Utah
The client and the project
The insured is the U.S. subsidiary of an international engineering and construction company. The project is a new one-story, 233,000 SF tilt-wall industrial manufacturing facility in Utah, built for a major electrical equipment manufacturer.
How the broker brought it together
The submission came from a broker who has been a long-time Shepherd partner on the Casualty side. When the project came to Shepherd in May 2026, the broker saw an opportunity to bring both the Casualty and the Builder’s Risk to the same market. Instead of managing separate carriers for each side of the program, the broker could work with Shepherd as a single point of contact for the whole project.
Price and terms were going to drive the client’s decision. The client also needed CAT limits that would hold up in a real event, and competing carriers were offering earthquake and flood limits of $2M to $5M. The broker needed a partner that could deliver on both fronts and keep the process seamless for the client.
What Shepherd did on this placement
Shepherd wrote the Primary GL of $2M / $4M / $4M, the $10M Lead Excess and Project-Specific Builder’s Risk on a $61M TIV in tandem. The Builder’s Risk carries $10M earthquake and $10M flood limits, two to five times what competing carriers offered.
Underwriting the Casualty and property together gave Shepherd a complete view of the risk. The same project details, site conditions and scope of work informed both sides of the program, so Shepherd could make decisions with the full picture.
On the property side, Shepherd asked the broker about hot testing, equipment installation and phased turnover. The insured had planned equipment trial runs, so the broker confirmed that the project was core and shell only, with no solar, equipment installation or hot testing. Manufacturing equipment and hot testing sit outside the policy scope, which kept the risk focused on the building itself and gave Shepherd confidence in the account. Stiff soils and low liquefaction potential at the site supported the CAT limits.
The client also selected terrorism and cold testing coverage, and the policy includes windstorm and hail, wildfire and named windstorm. Shepherd delivered the complete program and still came in with the most competitive price.
The outcome
The broker now has one partner for the Primary GL, Lead Excess and Builder’s Risk on this project, and the client has a property and Casualty program built from a single, complete view of its risk. Responsive communication between Shepherd and the broker throughout the deal was key to bringing both sides together, and the broker has already brought Shepherd its next large project.
