The Builders Risk Book

Reference At-A-Glance

Sound advice to help you not repeat others' mistakes.

The Builders Risk BookAuthors: Steven A. Coombs, CPCU, ARM; and Donald S. Malecki, CPCU
1st edition
Pages: 363
Includes: Bonus Publication
See the Table of Contents

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Description

Builders risk insurance is the backbone of every construction project's insurance program because it provides a means for critical funding to quickly repair damages following a loss and get the project back on track. With so much at stake, those who develop, underwrite, sell, and purchase such policies need authoritative resources to guide them in structuring builders risk policies and coverages that adequately respond to stakeholders' needs.

The Builders Risk Book delivers with an understanding of the laws governing builders risk insurance, knowledge of the risk exposures and contract requirements that must be satisfied, and specific advice for structuring the best coverage terms.

Written by highly regarded insurance experts, it provides key insight and practical guidance into a number of cutting-edge areas, such as delay coverage and green construction, that are barely touched by most other publications.

Helpful all the way from groundbreaking through final closeout of the project and beyond, The Builders Risk Book also offers a myriad of suggestions for avoiding the pitfalls experienced by others, based on the authors' analyses of well over 100 cases (cited in the book), and their own personal experience.

Features and Benefits to You

Select a Job Function (click the arrows to the left)

more info Agents, Brokers and Account Support Staff

  • Understand the different contract documents and provide meaningful advice to insureds and their advisers.
  • Know when to recommend a specific coverage and the reasons behind it.
  • Suggest meaningful coverage specifications using the material provided.
  • Provide guidelines on soft costs and the delay coverage components.

more info Risk Managers, Financial Executives & Insurance Buyers

  • Use the contractual provisions provided to draft meaningful insurance requirements for construction documents.
  • Use cutting-edge information to design and preserve soft costs and delay coverages.
  • Discern the advantages and disadvantages of owner and contractor provided policies.
  • Use excerpts to support provisions with brokers, underwriters, and claims adjusters.

more info Underwriters

  • Use the materials to better understand the needs of buyers.
  • Recognize opportunities to improve insurance products.
  • Understand what competitors are doing and why.
  • Know why policy issuance "quality control" is so crucial.
  • Recognize the importance of comparing contract documents with the builders risk policy.

more info Claims Adjusters

  • Hone your knowledge of subtle policy language differences.
  • Become more aware of the differences between builders risk, installation floaters, and riggers policies.
  • Learn more about the concerns of the stakeholders.
  • Use the information provided to understand the different state laws and regulations governing the policies.

more info Attorneys

  • Be on top of changes impacting architects and engineers.
  • Understand the nuances of coverages and forms.
  • Get answers to questions on how the physical damage and time element pieces work together.

more info Consultants

  • Use the information to serve as a catalyst for project risk assessment.
  • Become aware of the common pitfalls of using the owner’s property insurance in lieu of a builders risk policy.
  • Use the information as a resource to support recommendations.
  • Keep up on emerging loss exposures, such as with "green" construction projects.

more info Insurance Product Developers

  • Learn more about the kind of policy language that fosters argument and litigation.
  • Find out what the competition is doing.
  • Use information to design more competitive products.

IRMI Construction Risk Manager

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If you buy, sell, underwrite, or litigate construction insurance or manage construction risks, this newsletter will become an essential part of your tool belt.

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