builders risk policy
A property insurance policy that is designed to cover property in the course
of construction. There is no single standard builders risk form; most builders
risk policies are written on inland marine (rather than commercial property)
forms. Coverage is usually written on an all risks basis and typically applies
not only to property at the construction site, but also to property at off-site
storage locations and in transit. Builders risk insurance can be written on
either a completed value or a reporting form basis; in either case, the estimated
completed value of the project is used as the limit of insurance.
See also: all risks coverage,
floater policy,
inland marine coverage,
installation floater,
property insurance.
Links for IRMI Online Subscribers Only:
CPI IX.J;
CRM VII.A