BuildPoint, an e-commerce company, and Gallagher Construction Services, a provider of property/casualty insurance and risk management services, have announced their launch of an online insurance service for the construction industry. By accessing www.buildpoint.com, contractors can now price-out and buy builder's risk insurance from six A-rated insurance companies. These companies annually issue policies providing more than $40 billion in protection.
BuildPoint also announced significant increases in the usage of its online project bidding service. The company recorded a 200% increase in the number of companies registered on BuildPoint.com, from approximately 4,800 to 15,000; a 500% increase in the number of projects going through the site weekly, from an average of 13 projects per week to an average of 80 projects per week; and a 200% increase in the total volume represented by the projects bid over the system to an estimated $20 billion. General contractors can use BuildPoint.com to facilitate the bid management process and collaborate with several hundred subcontractors simultaneously.