Builders' Risk Overview - DeWitt Stern Group

Builders Risk Define the intent of the policy Understand exposures Discuss why owner should purchase the policy Who is Insured? Underwriting Information Coverages E & O Avoidance Discussion Points What is a Builders Risk Policy? Provides project specific coverage for individual construction projects requiring a separate policy. Coverage should be written on a completed value basis, meaning that the amount of insurance equals the completed value of the building under construction. This approach has the advantage of affording full coverage during the various stages of construction. Understand your client s needs and exposure Some projects can be covered under your existing property form Understand the exposure Read the form Discuss with carrier Be aware of the limitations and increase coverage as necessary (Transit, off-site storage) Why should the owner purchase the policy? Control over what property is covered Control of the perils insured Control of premium payment Control of loss reporting provisions/Direct contact with your own carrier Compliance with warranties The carriers who insured the Builders Risk may be the carrier for the completed building The Contract will specify who is responsible for the Builder s Risk policy Who is Insured?

What is a Builders’ Risk Policy? Provides project specific coverage for individual construction projects requiring a separate policy. Coverage should be written on …

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