BuildNet Financial Services to Offer Homebuilders Insurance Program.Business Editors RESEARCH TRIANGLE PARK Research Triangle Park, research, business, medical, and educational complex situated in central North Carolina. It has an area of 6,900 acres (2,795 hectares) and is 8 × 2 mi (13 × 3 km) in size. Named for the triangle formed by Duke Univ. , N.C.--(BUSINESS WIRE)--Oct. 3, 2000 Agreement with InsureZone will Provide Streamlined Internet-based Insurance Program to Builders from Coast-to-Coast BuildNet Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , a wholly-owned subsidiary of BuildNet, Inc., a leading provider of management software and e-commerce services to homebuilders, dealers, and suppliers in the residential construction industry, today announced that it has entered into an agreement with InsureZone ( http://www.insurezone.com ) to provide homebuilders access to builders' risk and business owners' insurance. The program will allow builders to use the Internet or call toll-free to quickly and easily comparison-shop for insurance policies and to purchase coverage from the nation's top-rated carriers. The insurance services will be offered on the BuildNet Financial link of BuildNet's Web site at http://www.buildnet.com, or by calling (888) 458-3266. Through a direct link to the InsureZone Web site, homebuilders will have access to a full set of property and casualty insurance coverage for their business, employees and job sites, including builders' risk, general liability, business property, workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. and umbrella insurance refers to insuring more than one property as opposed to insuring only one. For example the owner might get a discount for insuring both his house and car rather than insuring them with separate policies because it might cost more. coverage. "Our partnership with InsureZone marks a key milestone in our effort to deliver necessary insurance services in a convenient manner to our customers," said Phil Sandoval, Executive Director of Construction Programs for BuildNet Financial Services. "InsureZone provides us leading edge technology, 50-years' experience in the insurance business and strong relationships with the leading carriers in builders' risk and property and casualty lines. Our program will optimize optimize - optimisation the way builders shop for insurance by allowing them to purchase competitive coverage from top-rated insurance companies faster and easier using the Internet and call-center resources." BuildNet Financial Services' insurance program will offer access to an "end-to-end" solution. BuildNet will refer insurance prospects to InsureZone, which will then process requests, quote coverage, and issue policies written by top-rated carries. To get a business owner's insurance quote, builders will complete and submit a brief Web-based application See Web application. or call (888) 458-3266. InsureZone will respond within one business day with a quote from the top-rated insurance company that meets the builder's business needs. Builders will also be able to get real-time online help or a telephone call back from a call-center representative before, during and after the transaction. It is planned that by year-end, the program will also provide online quotes and binding for builders risk insurance in a single transaction taking 15 minutes. "InsureZone is committed to providing builders a complete, Web-based insurance solution, combining coverage from top-rated carriers, the most advanced online transaction processing See transaction processing and OLCP. in the industry, and expert advice on demand from trained, licensed agents," said Rusty rust·y adj. rust·i·er, rust·i·est 1. Covered with rust; corroded. 2. Consisting of or produced by rust. 3. Of a yellowish-red or brownish-red color. 4. Reid, president of InsureZone. "Our partnership with BuildNet further demonstrates the level of that commitment." BuildNet Financial Services was established to provide financial products and services to the homebuilding industry. The builders insurance program is the latest offering from BuildNet Financial Services. Earlier this year, the company partnered with mortgage.com, a leading Internet mortgage lender, to enable builders to provide mortgage solutions to customers. More than 200 builders across the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. have signed up for that program. BuildNet Financial Services also recently added construction lending products to the financial menu and plans to provide small business lending products to the homebuilding industry. About InsureZone InsureZone ( http://www.insurezone.com ), a full-service insurance eMarketplace, is dramatically changing the way carriers and other insurance suppliers electronically interact with business partners, distribute and sell insurance products, and serve customers. InsureZone's complete, turnkey See turnkey system. online insurance solution combines advanced technology with personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. insurance services. With InsureZone, insurance suppliers from reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. companies and carriers to banks and Web portals See portal. can take advantage of one of the industry's fastest and easiest delivery of multiple quotes and policy purchasing online coupled with personalized one-to-one customer service at any time during the insurance transaction. For more information, visit the InsureZone Web site: http://www.insurezone.com or call (888) 968-7966. About BuildNet, Inc. BuildNet, Inc., located in Research Triangle Park, N.C., is a leading provider of management software and e-commerce services to homebuilders, dealers, and suppliers in the residential construction industry. BuildNet's objective is to be the business-to-business e-commerce solution for the residential construction industry. To reach that objective, BuildNet has designed the BuildNet E-Building Exchange to provide secure Internet-based procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. , e-commerce and information services See Information Systems. for homebuilders, dealers, suppliers, and manufacturers. The BuildNet E-Building Exchange will allow users to confirm pricing and product specifications, place purchase orders and add both product and order information automatically to builders', dealers' and suppliers' management systems. In addition, manufacturers will be able to place product information and catalogs on the BuildNet E-Building Exchange for access by homebuilders, dealers, and suppliers. BuildNet is testing the BuildNet E-Building Exchange and expects to initiate a limited market rollout in 2000. BuildNet's aggregated software customer base includes homebuilders that accounted for approximately 43% of 1999 U.S. single-family home closings. Learn more about BuildNet by visiting http://www.buildnet.com . This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . The actual results might differ materially from those projected in the forward-looking statements for various reasons, including BuildNet's limited Internet operating history, the development and rollout of the BuildNet E-Building Exchange and the acceptance of the BuildNet E-Building Exchange by any of BuildNet's existing software customers or any new customers. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in BuildNet's SEC filings, including its Registration Statement on Form S-1. All other trademarks referenced herein are trademarks and/or registered trademarks of their respective companies. |
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