Written by highly regarded insurance experts, The Builders Risk
Book 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.
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.
The Builders Risk Book covers these topics.
- Introduction to Builders Risk Insurance
- History of Builders Risk Insurance
- State Regulations: Property vs. Inland Marine Insurance
- Contractual Requirements
- Builders Risk Policy vs. Other Property Insurance
- Who Is Covered: Naming the Parties Appropriately
- Covered Property, Covered Locations, and Coverage Period
- Extensions and Optional Property Coverages
- Covered and Excluded Causes of Loss
- Other Exclusions
- Subrogation Problems in Construction
- Renovation Work
- Installation Floaters and Rigging Coverage
- Other Builders-Risk-Related Coverages
- Delay in Project Completion
- Green Building and the Role of Builders Risk Insurance
- Comparison of Builders Risk Insurance Requirements
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Table of Contents
Agents, Brokers, & 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.
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.
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.
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.
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.
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.
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.